YoBuckStopsHere@lemmy.world to News@lemmy.worldEnglish · 10 months agoUS existing home sales fall to lowest level in more than 13 yearswww.theguardian.comexternal-linkmessage-square44fedilinkarrow-up1148arrow-down13file-text
arrow-up1145arrow-down1external-linkUS existing home sales fall to lowest level in more than 13 yearswww.theguardian.comYoBuckStopsHere@lemmy.world to News@lemmy.worldEnglish · 10 months agomessage-square44fedilinkfile-text
The median existing house price increased 3.4% from a year earlier to $391,800, the highest for any October.
minus-squaredogslayeggs@lemmy.worldlinkfedilinkarrow-up2arrow-down1·10 months agoYes, the interest rates are much higher, which makes mortgages cost a lot more. But they aren’t literally double. A $250k mortgage at 3% is roughly $1200/mo vs $1700/mo at 7%.
minus-squarehelenslunch@feddit.nllinkfedilinkarrow-up1arrow-down1·10 months agoDepends on the house. Homes in my area are closer to $4-500k
minus-squaredogslayeggs@lemmy.worldlinkfedilinkarrow-up1·10 months agoA $500,000 loan goes from $2182 to $3400 from 3% to 7%. A $1,000,000 loan goes from $4363 to $6835. Still not double. Doubling the rate doesn’t double the total payment, only doubles the interest payment.
Yes, the interest rates are much higher, which makes mortgages cost a lot more. But they aren’t literally double. A $250k mortgage at 3% is roughly $1200/mo vs $1700/mo at 7%.
Depends on the house. Homes in my area are closer to $4-500k
A $500,000 loan goes from $2182 to $3400 from 3% to 7%. A $1,000,000 loan goes from $4363 to $6835. Still not double.
Doubling the rate doesn’t double the total payment, only doubles the interest payment.
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