Sales of previously occupied U.S. homes in September fell for the fourth month in a row, grinding to their slowest pace in more than a decade as prospective homebuyers grapple with surging mortgage rates and a near historic-low level of properties on the market.
Yeah, we have something called a stress test where even if the rates are 3% you can only get a mortgage if they feel you can still be okay with the payments if the rates go up, but we passed that point awhile ago already. So even if people passed the stress test they may not be able to afford what the rates are now.
That’s insane. We have fixed rates that are exactly that, fixed. And mine, and all of the US that’s owned for more than 2 years, is fixed at around 3%. That’s a big part of why these particular metrics are what they are; the number of houses being sold. Price aside, it makes no sense to get rid of that loan.