72% of outstanding mortgage debt has interest rates below 5%.
for reference: current 30 year fixed is 6.66%
anyway that line made me look up some data… check this shit out:
now, obviously, this is just people using traditional financing, so it doesn’t include private equity but damn.
pandemic era financing was a unique moment in the last 12 years and also… that portion paying >6% juice is like, committed, to being part of the show. I know I’m an outlier in fiscal decision making generally, but even imagining taking out a massive loan at that amount makes me lose-my-apetite upset.
additionally, these interest rates push up HELOC rates and with all the tariff whiplash and logistical bs giving cover to raise materials prices… I don’t see how anybody not crazy (without strong savings) is even fixing broken shit in older homes, let alone building anything.
with capitalists squatting on vacants and short term rentals going hog wild, it feels like we’re entering an even more fucked up era of housing. like god dam.
for reference: current 30 year fixed is 6.66%
anyway that line made me look up some data… check this shit out:
now, obviously, this is just people using traditional financing, so it doesn’t include private equity but damn.
pandemic era financing was a unique moment in the last 12 years and also… that portion paying >6% juice is like, committed, to being part of the show. I know I’m an outlier in fiscal decision making generally, but even imagining taking out a massive loan at that amount makes me lose-my-apetite upset.
additionally, these interest rates push up HELOC rates and with all the tariff whiplash and logistical bs giving cover to raise materials prices… I don’t see how anybody not crazy (without strong savings) is even fixing broken shit in older homes, let alone building anything.
with capitalists squatting on vacants and short term rentals going hog wild, it feels like we’re entering an even more fucked up era of housing. like god dam.
30 year fixed is 6.66%