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A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up
(www.nytimes.com)
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this post was submitted on 15 Apr 2024
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Lucky 'mericans. In Canada, fixed mortgages are still renegotiated every 5 years or so, nearly every homeowner with a mortgage is getting wrecked by the interest rates.
We get wrecked by other things. Healthcare costs is my wrecking ball.
I've found a simple fix for this by just not getting medical care ever
This was going to be me but I sold my house after a year because it was the worst town I ever lived in. I'm right back where I was before buying the house, which is better than where I would be next year when my mortgage term was done.
In the UK, we have various mortgage products. You can choose to track the national lending rate (plus some %), standard variable or fixed rate for various periods. Of course they calculate the rates for the various periods based on risk.
Right before the rates really started going up, we managed to get 10 years fixed at a very reasonable rate. The mortgage advisor thought we were crazy and that this was "all going to blow over in no time" and was advising a tracker until "the rates returned to normal".
So this could actually trigger a crash if many need to sell but can’t buy.
Variable rate mortgages and loans are also available. They have not been as popular in the past few years, but when rates were lower, they were more common
You're absolutely correct!