Why mortgage applications have jumped despite rising interest rates

[@The_Oblivion_Light]

Mortgages are a joke. To each his or her own, but I prefer renting. To me, the whole system is designed to accept your money, dig a deeper whole for debt, thus raise the cost of living and eventually lose your home rather by foreclosure or forfeit and sell the home to someone else and repeat the cycle. There is no such thing as "owning a house". I've seen property taxes go up on houses 150% in one year. Yup, I say one house on Zillow where in 2022 and before, the property taxes stayed steady at around $8,000 for years and all of a sudden, the property taxes took a 150% hike in 2023 resulting the taxed being just under $21,000. It don't stop there- When property taxes went up like this, property owners had to raise rent, which is not the owner's fault which the natural reaction is to take your frustration out on the landlord. So is you was paying under 1k for rent then all of a sudden, they asked for anywhere between $1400-$1800 on the same unit, don't get angry at your landlord. You get angry at politicians. They are the deciders rather if you keep, gain or lose money and in every case, you lose money. Its funny though...Taxes had soared to unbelievable heights, yet kids still have to pay for their lunch in public schools. Just WTF are they doing with all this money anyway and can't even smooth out our streets and maintain the sewers so that we don't get flooded out! Everything that happens is our politician's fault. They need to stop fixing it where we will lose our homes as they keep going up on taxes as if they are really paying for things on our behalf!

[@andrebeauchamp6897]

Either the media and/or economists are lying or too many people are falling prey to 3-2-1 buydowns whereas those who have taken on such loan terms 2-3 years ago are panicking because the Fed’s are not cutting rates as many unscrupulous Loan Officers and lenders have told these people. And now that property taxes and insurance premiums are spiking it’s going to cause a crisis for those that accepted those loan terms. 😬

[@nonenone1534]

If rates come back down to 5% then shelter costs will spike again. This has already happened. We are now in a never ending cycle.

[@SamanthaDavidESQ]

There look to be a lot of people scrambling to get mortgages, but I wouldn't be surprised if these shady hiring agencies are putting a dent in their ability to afford them 🏠💸

[@thisguy73]

This guy looks like he never leaves this setup in his office

[@userminemeallaboutmyself]

This guy says nothing

[@Patrick-yh5yd]

Young fools buying then leaving soon.

[@nggriffin4670]

And once you refinance you lose the ability to deduct interest on your taxes! It’s all a game to never let Americans get ahead

[@mortgagejeanie]

Are you sure, try to google this and could not find any info.

[@nggriffin4670]

@@mortgagejeanie www.irs.gov/pub/irs-news/at-03-32.pdf This all I could find. We refinanced and Turbo Tax didn’t let us take any more interest. I guess we took the max

[@PelosiStockPortfolio]

@@mortgagejeanie Hes making it up

[@Alpharizzchad]

1994 rates were7% so deal with it. And that was with perfect credit

[@waynesnelling8259]

not an apt comparison

[@RonaldMcDonald-o5z]

I thought there were TWO variables in mortgage payments. What is the other one? Say it with me. p. .p...Priice!! Right. So why would you go and post something as stupid as this? Do share.

[@mr.superiortv4289]

The average home in 1994 could be bought with 15-20% of the average household income. Fast forward to today, to afford the average home, you need to make 110k a year, and even then, 46% of your income will go towards mortgage, PMI, insurance, etc. so that’s a stupid comparison. Nice try though😂

[@kailuamazon_3523]

Boomer comment. Check out the home price to earnings ratio.

[@andrebeauchamp6897]

Home prices are 2-3 times higher now and higher property taxes and insurance. You can make that comparison to purchasing a home in 1997. 🙄