Mortgages Continue To Skyrocket To 2009 Prices!
May 26, 2022
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1:16Now PlayingMortgages Continue To Skyrocket To 2009 Prices!
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as posted by the channelInflation is making everything expensive including your next home. Check out the video to learn more.
Welcome back to Bold TV with David Grasso. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
The price hikes are out of control. The average monthly mortgage payment is nearly double what it was a year ago. This astronomical rise is due to rising interest rates and property values. It's a double whammy.
Here's the math behind it.
In 2021, the average cost of a new home in the United States was little over $400,000. It's now worth more than half a million dollars. At the same time, 30-year mortgage interest rates have nearly doubled in the last year, from 2.65 percent to 5.25 percent.
These payments will only increase as the government continues to raise interest rates to curb inflation, and rising interest rates will likely slow down. The housing market will continue to rise, with average payments becoming unaffordable for practically everyone.
Renting is certainly a better alternative right now. Even when rents are skyrocketing, it may be worthwhile to hold off on signing a 30-year pricey mortgage. Just ask anyone who is locked in a house with a mortgage payment they no longer want to make.
Do you rent or do you own your home? Let us know in the comments
What do you think will be the ramifications of this decision? Let us know in the comments below.
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