It's a terrible time to buy a house. Here's what to know if you have to do it anyway | CNN Business

Mortgage rates for a 30-year fixed rate loan are now hovering above 7%, more than 4 percentage points higher than a year ago. That has slashed a typical buyer’s purchasing power by 14%, according to Black Knight, a mortgage data company. With fewer people able or interested in buying now, home sales have been falling. Just 16% of people say now is a good time to buy a home, a record low, according to a monthly survey conducted by Fannie Mae in October.

After the fixed period, ARMs can reset every year or every six months. However, most do have caps on how much a rate can go up or down during each reset period and over the life of the loan, so it’s important to understand how your loan works. Buy down your interest rate with points Borrowers can lower their payments by paying more upfront to buy down their mortgage rate. This will lower the loan’s interest rate, either permanently or temporarily.

Not necessarily. It can be bad depending on the circumstances but it could also be good. Very misleading article and sloppy.

It's BEEN a terrible time to buy a home. For over a year.

Oh really , being dirt ass poor on top of A depression in the USA & on the verge of a global collapse is a bad time huh

thank you Biden and Democrats!!!

Bill Gates just said “we don’t know where these ballots are from” however the ballots dropped last night happened to be from significantly blue areas first. He knows exactly what ballots that were selected for the batch and confirms they are only released 60-80k results per day.

This article treats home buying as a pure investment. It provides no sense of a house as a home. The last bubble to burst was driven by the 'innvestment model'. Real estate speculation is not for the weak of heart. Don't buy the refinance scheme unless you can afford to stay now.

Anyone notice CNN is moving to the right?

Because high interest rates make it difficult for them

For black and brown people yes it is. Not for people of privileged like you all

Crap reporting, CNN. This is a great time to buy a home. Not much competition and bidding wars. Stop following the sheep off the cliff.

Keep voting Democrat why don't you🤷🏿‍♂️🤦🏿‍♂️👋🏿‼️ Meanwhile, in other 'news'...

It’s a terrible time to live

The oil companies and large corporations making record profits. Now the banks making record profits too. All on the backs of the workers. BOTH PARTIES ONLY WORKING FOR BIG DONORS!

Get used to it! It’s going to get worse!

Thanks for the tip

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