27 Jul 2023 9:45 am
We are...but in this particular case, it's all about meSkans » 27 Jul 2023, 9:21 am » wrote: ↑ Well, the long-term low rates caused inflated house prices over a long period of time. The 7% interest rate really isn't the problem. Keeping rates at 2-3% for over a decade was the real culprit. I think we're essentially saying the same thing here.
The Fed just needs to shut the **** up and sit on their hands until we close (or at least get to the point where our rate locks). But it will probably only be a couple of years of "pain" paying interest. Then the house will be mortgage free. And we could make it mortgage free now...but we would take a bath on income taxes. I haven't done the math on that option, but paying interest is spread over time...taxes are a one time hit.