john: you would know, you just bought one. and it s not just white house policies making it harder for the middle class, low housing inventory, rising mortgage rates are pushing many buyers out of the market. grover nar norquist, average 30 year fixed mortgage, 6.67%. i remember when i bought my first house, my first mortgage was 15%, second mortgage was 20%. the house did not cost a lot. there was back at a time when jimmy carter was president. it was. double digits and unfortunately, with biden s extra spending you are seeing over the last may to may, 12 months, 5.3% inflation, that s added into anything you borrow money on. increase the interest rates. and make it difficult for every american. the democrats are trying to make some fight about middle class versus poor people.
There’s a lot going on, and not only jawboning about a potential Fed rate increase next week. We have the smoke drifting down from Canada and slowing or stopping flights in the Northeast. The Wall Street Journal reports that China and Cuba have signed an agreement for a Chinese eavesdropping station in Cuba. For rate watchers, Trepp has come out with a report showing interest rates sensitivity with commercial loans, cousin to our residential loans and their sensitivity to refinancing given interest rates. Yes, interest rates impact everything to do with borrowing and lending. New data revealed real estate investors purchased 48.6% fewer homes in Q1 of 2023 than they did a year earlier, according to the latest market report from Redfin. That’s the largest annual decline on record and outpaced the 41 percent drop in overall home purchases in the 40 major metros analyzed. Investor purchases fell 16 percent on a quarter-over-quarter basis, comparable with the 15 percent quart
Anyone who's in the position to purchase a vacation home is probably excited about the possibilities and making plans for all kinds of fun times spent in it. Certainly having a vacation home could,.