Yahoo Finance anchor Julie Hyman and Josh Lipton spoke with Mortgage Bankers Association Chief Economist Mike Fratantoni about the overall state of the mortgage market and the letter his group wrote to the Federal Reserve to ask them to stop raising interest rates.
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2008 pt2
NO!! We need a housing market crash…home ownership has become impossible because of the price spike during the pandemic!
Yes! A housing crash is so good! I mean i saved for my whole life to buy a modest home. But let’s bankrupt the hard working bunch who worked like slaves for 15 years for 70 hrs a week to save up a down payment to buy a 800k home they can sell for 600k. Nice
That’s life, you buy at bad time you take a hit….or would you rather have this unsustainable market where even renting is near impossible
@Fraser Campbellexactly that’s correct.
Increase rate to 15%
STOP CORPORATIONS FROM BUYING ALL FAMILY HOMES CREATING A RENTAL MONOPOLY AND DESTROYING THE AMERICAN DREAM
Canadian Housing Bubble monstrosity must be crushed. This cancer spread through the entire body of Canadian economy and now is a huge drag on economic growth. It will be very painful and cause many people defaulting and loosing their homes, but it is just unavoidable. The longer we roll this snow ball down the road, the larger it becomes.
This guy is a joke. There is only one reason why we have no defaults , and it is because Banks are trying to prevent inevitable collapse of this ponzzi scheme by extending amortizations. As a result about 30% of all mortgages now have negative amortization! It could be a tolerable solution in times of grave, but relatively short economic crisis if after this crisis the economy bounce back with a vengeance. But it is obvious that for obvious structural reasons and utter mismanagement our Canadian economy will have no real growth for many years to come. Therefore, dipping into negative amortizations is just increases pressure in this magma chamber that will have disastrous consequences for Canadian Banking system and for entire economy.
What a disaster!
When rate too low they never ask to stop lowering it. Now they have no right to ask for stop raising. People taking low rate for granted… just shut up and swallow it.
It will shoot up to double digits if these greedy people don’t lower their home prices at least 50% . Sorry lower your sky rocket home prices or else, you will pay the high unaffordable monthly mortgages. Yeah good luck with that. Canadians can’t afford to buy homes because of greedy people who only think about themselves. Now its time to pay.
Gosh it is painful to listen to self serving spin. These rates are market driven. The reasons why rates have risen in the last few weeks is because the markets fear more inflation because the Fed is NOT aggressive enough while inflation is re-accelerating. Market said you’re not raising rates we’ll do it for you. The more lenient the Fed will be the more market rates will go up.
Bankers association 🤦
My ARM is 10.4%. Ridiculous!