So 4% Mortgage Rate Means End of the World.....Wow?
Kind of hard to believe, I have a friend who paid 10% on his first mortgage. Yeah, that was a long time ago, but geez, everyone knows that no one will pay 4%!!!!! 4% is, in fact, the end of the world. It's all over for all of us.
I paid over 12% in the early 80's. I am paying 3.25% now. Mortgage rates will not affect the housing market like most of the low information people believe. What makes people buy homes is the difference between their current rent and their proposed house payment. Owners of homes and apartment buildings for rent will have to pay the higher interest rates, too; raising the price they charge for rent. Imagining the housing market will shut down at 6% shows a lack of knowledge of the market.