Have you ever watched a video of someone who takes a perfectly normal rose, flash-freezes it in liquid nitrogen and then hits it with a hammer? Here’s what happens.
Last year, lenders denied loan applications due to “insufficient income” more often than any other point since records began in 2018, according to a new report from the Consumer Financial Protection Bureau. On the other hand, it’s a sign that the liquid credit the housing market relies on is on the verge of freezing up.Higher prices and higher mortgage rates vs. stagnant wages A mortgage is considered “affordable” if the principal and interest payment is 25% or less of a family’s income.
With mortgage rates so high, home buyers inevitably have less purchasing power. Those of us who are currently locked into a sub-3% mortgage definitely don’t want to refinance given today’s much higher rates. This is not a good place to be! Who’s responsible for the fact that the average American family can’t afford to own or rent a home?
Today’s disaster is a perfectly obvious consequence of the Fed’s panicked response to the covid panic.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KSLcom - 🏆 549. / 51 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: PhillyDailyNews - 🏆 89. / 67 Read more »