Mortgages and Inflation
My friends who are trying to buy a home are facing a very competitive market, and in part I think it's people trying to lock in a mortgage in the face of the quickly rising tide in interest rates.
A few months ago you would have gotten a 3% rate, and a $400k loan would cost ~$1700 a month. Today you're lucky to find a 6% rate, and that same loan costs $2400 a month.
And then of course there's the cash buyers who want to use their money before inflation devalues it.
👋 A2mi.social is a friendly social network for people living, working, studying around Ann Arbor — including Ypsilanti and elsewhere. And our friends.