News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
view the rest of the comments
It's great for some sellers, but not most. Everyone with a mortgage is locked in to sub 3%. That's lower than inflation. Why would anyone give up that loan? You're better off keeping the house and renting it out than giving up that loan.
In Canada you have to refinance every 5 years (rarely you may be able to do 10)
Coming up pretty quick where there probably won't be any sub 5% plans anywhere.
That's insane. So if folks buy something they can afford, then the market goes to shit, inflation takes off, and the government uses interest rates to reign it in; it then victimizes all those folks who bought homes they could absolutely afford, but now can't because the rates of their loans changed underneath them!?
That's barbaric.
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.
Same in UK. Going from <2% to >5‰ has been a kick in the teeth.
However you buy knowing this is the case and you should financially plan for an eventuality of double or triple rates, which I did.
It might sound barbaric, but when people were getting a dropped rate on a new deal every 2 years for over a decade, I didn't hear any complaints. The scale rises and falls on both sides!
We have those too. You can get a fixed rate or flexible rate. The flexible is always a little lower than a fixed due to the nature of it. Everyone in the US sensed rates were near the bottom though, and refinanced to fixed 3% two years ago.
Ah interesting. You only ever hear about whole term fixed rates here, with regards to US.
I got a Habitat for Humanity mortgage. 0% interest. Not leaving until I'm in a casket.