Okay, but the payment is not the price. I walk in with cash and pay the price for a $40K car in cash. Next guy walks in and borrows money at a high interest rate. His payments will exceed the price of the car by the time he's done. Not to play Clinton with the meaning of the word "is" but we all know that when you ask the price of a good they don't say "the payment is...." which could include tax, etc, etc. When my parents bought a house in the 80's with 12% interest they were pretty much paying 99% +/- interest (payment) for some time until more and more principle (price) was being paid off. They would deduct the interest on their taxes but not the "price".You just made my argument.
When I say “price” I mean and agree exactly with what you said. Most only care about monthly payment.
The problem with the argument that interest rates are the deciding factor doesn’t add up when you go back to the 80’s when my parents were paying 12+%, OR the boom before 2009 when nobody was bitching about 6% (including me)
They cared about the payment not the 12%
We refinanced from 6 to 3.25 and cut our 2007 note to 15 years and saved a bundle.
But none of that was the deciding factor in 2007 on purchase. Price was.
We were approved for $500k but we said $2000 p/mo is our limit. We bought a $300k house.
The interest could have been 1% or 20%, it didn’t matter.
By the way historically the Fed rate has little to do with mortgage rate. It follows the 10yr bond yield
And what about when bots start WRITING most of the info on the internet...??
Hey BigRedFish, your new profile pic, is that whiskey in a foam pump bottle?Israel Gives Hamas Annexation Ultimatum Despite Increased Criticism From West
Israel Gives Hamas Annexation Ultimatum Despite Increased Criticism From West | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zerowww.zerohedge.com
Still, there's there's as yet no indication Washington is pressuring Israel to make concessions, and if anything Trump's earlier rhetoric on turning Gaza into the 'Riviera of the Middle East' could easily be taken as a green light to annex from Tel Aviv's point of view.
But at the moment the majority of countries and leaders throughout the world have lambasted Israeli actions in Gaza, particularly for the lack of aid getting in amid the worsening humanitarian catastrophe as civilians starve to death.
Hey BigRedFish, your new profile pic, is that whiskey in a foam pump bottle?
Knob Creek, think I will stay out of that creek, LOLIts a tab for taking off the wax seal.
Your box wine doesnt have that