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Author Topic: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Recessi  (Read 1847 times)

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Offline Weird Tolkienish Figure

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Re: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Rec
« Reply #25 on: August 22, 2023, 03:07:15 pm »
Quote from: DB on August 22, 2023, 02:27:45 pm
Adaptive cruise control is pretty nice on long trips.

I use it in Boston traffic all the time.
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Online roamer_1

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Re: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Rec
« Reply #26 on: August 22, 2023, 08:19:39 pm »
Quote from: Smokin Joe on August 22, 2023, 08:34:04 am
Yeah, ABS locked up all 4 wheels on me once. I had the presence of mind to shut it off, wait 5 seconds, and reboot the ABS computer. That worked, but I got to thinking about being stuck that way in an intersection with some semi coming at me after the light changed, and not having 5 seconds...  **nononono*
Not going there.
When I got home, I popped the hood, pulled that 60 amp fuse and laid it down in the fuse box and put the cover back on.
 I learned to drive on ice and snow old school, and it still works best.
Besides, I can lock them up to startle some idiot out of getting in the way. :laugh:

(No never ever cruise control in winter, either. That's for dry roads and speed traps.)

That's right... all of it. ABS is disabled throughout my family's vehicles, and while it ain't a regular part of conversation, it comes up enough to know it to be true among my friends too. To include hands off the cruise all winter.

Good drivers prefer old school control of a vehicle, because they know how to handle real time.
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Online roamer_1

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Re: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Rec
« Reply #27 on: August 22, 2023, 08:21:23 pm »
Quote from: DB on August 22, 2023, 02:27:45 pm
Adaptive cruise control is pretty nice on long trips.

Not on snow...
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Offline Weird Tolkienish Figure

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Re: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Rec
« Reply #28 on: August 22, 2023, 11:26:59 pm »
Quote from: roamer_1 on August 22, 2023, 08:21:23 pm
Not on snow...

You're not talking about traction control are you? I'm not sure why you'd use adaptive cruise control in snow. It's most useful in traffic.
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Online roamer_1

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Re: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Rec
« Reply #29 on: August 22, 2023, 11:33:29 pm »
Quote from: Weird Tolkienish Figure on August 22, 2023, 11:26:59 pm
You're not talking about traction control are you? I'm not sure why you'd use adaptive cruise control in snow. It's most useful in traffic.

traction control too... I don't want any of it active in the winter.

Give me an old truck with tall pizza cutters (siped and studded), a stick, and posi front and rear (lockers, even better),about 500 pounds in the box, and plenty of power, and I'll do better than most.

Any of that fancy stuff will get you dead in snow and ice.
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Offline DefiantMassRINO

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Re: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Rec
« Reply #30 on: August 22, 2023, 11:42:12 pm »
My first new car loan was 11%.(1990s)

My first mortgage was 7%. (1990s)  Refinanced at 7.125% for lower monthly payment. (2000s)

15 years of artificially low interest rates has spoiled some on the youngins.

I still hear war stories about mortgage rates during the Carter / Volcker years.
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Offline mountaineer

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Re: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Rec
« Reply #31 on: August 25, 2023, 08:09:25 pm »
Fed Chair Powell calls inflation ‘too high’ and warns that ‘we are prepared to raise rates further’
Published Fri, Aug 25 2023
10:04 AM EDT Updated 2 Hours Ago
Jeff Cox, CNBC

Key Points

    *While acknowledging that progress has been made, the central bank leader said inflation is still above where policymakers feel comfortable.
    *The speech resembled remarks Powell made last year at Jackson Hole, during which he warned that “some pain” was likely as the Fed continues its efforts to pull runaway inflation back down to its 2% goal.
    *A strong economy and decelerating inflation also give the Fed room to “proceed carefully” at upcoming meetings.  ...
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Offline mountaineer

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Re: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Rec
« Reply #32 on: September 05, 2023, 10:36:19 pm »
Quote
Mortgage rates just hit a 22-year high, take these 4 steps today to prepare for a home purchase tomorrow
There’s no magic bullet for frustrated homebuyers, but these tips should eventually pay off.
Published Tue, Sep 5 2023
Jason Stauffer

Average 30-year fixed mortgage rates are sitting at a 22-year high, and home prices continue to inch higher, exacerbating the market for homebuyers. In the last year, a buyer with a $3,000 budget has lost $71,000 in buying power, according to Redfin.

As disheartening as it can be when factors outside of your control get in the way of your dreams, there are steps you can take to regain agency over your homebuying plans. Remember, even when the market as a whole seems hostile to buyers, you only need to find that one home where everything comes together. These four tips can help get you ready to act when you come across a good deal and the timing is right for you.

4 tips to prepare for a home purchase 

Rather than wait for a housing crash or for mortgage rates to dip, take these steps to put yourself in the driver’s seat. Over time, saving money, paying off debt, managing your credit score and educating yourself will greatly increase your chances of becoming a homeowner.  ... 
CNBC

No, wait, things are looking up!
Quote
U.S. mortgage rates dip after surpassing 20-year highs
The 30-year fixed mortgage rate averaged 7.18% for the week ended Aug. 31 — down from 7.23% the prior week.
By Dayton Business Journal staff
Sep 5, 2023

The 30-year fixed mortgage rate averaged 7.18% for the week ended Aug. 31 — down from 7.23% the prior week. ...
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Online roamer_1

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Re: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Rec
« Reply #33 on: September 05, 2023, 11:21:25 pm »
Boy, when the bubble pops, folks are gonna be so underwater...
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Offline Wingnut

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Re: Mortgage rates could hit 8%, economists say, citing a worrying sign not seen since the Great Rec
« Reply #34 on: September 06, 2023, 12:39:30 am »
Funny that most of us survived the 80's with high mortgage rates back then.  Wonder what is different this time? 
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