Home sales drop in November

Massive issues looming for banks. (copied below from Reddit)

  • Commercial loan defaults due to the 2020 situation.
  • Increased Regulatory compliance.
  • Home loans being 2.2% and falling for 30 year fixed... there isn't much profit left in it ands its dropping rapidly..
  • Inflation becoming an issue for banks.
  • Central Banks starting up CBDCs and the massive push to go digital cashless.
  • Increasing Competition from digital / online only banks.
  • Few buyers of Mortgage backed securities.
 
HammerDown said:
Massive issues looming for banks. (copied below from Reddit)

  • Commercial loan defaults due to the 2020 situation.
  • Increased Regulatory compliance.
  • Home loans being 2.2% and falling for 30 year fixed... there isn't much profit left in it ands its dropping rapidly..
  • Inflation becoming an issue for banks.
  • Central Banks starting up CBDCs and the massive push to go digital cashless.
  • Increasing Competition from digital / online only banks.
  • Few buyers of Mortgage backed securities.
Click to expand...
I’m pissed I refinanced in July at 3.0 %.
 
They always drop during the holidays. Everyone knows if you want to sell your house the weekend after the Super Bowl is the best time and last until Summer. People want to buy after the holidays and get in a house before it’s time to register kids for school.
 
huskers1217 said:
I’m pissed I refinanced in July at 3.0 %.
Click to expand...
Dude I got 3.25 a year ago and trust me you are fine. My first mortgage rate was 7.625 and everyone thought I got a great deal. If it doesn’t drop at least a point it’s not worth a refinance.
 
Our home sales were stable in November and also are this month.
 
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Reactions: Me
HammerDown said:
Massive issues looming for banks. (copied below from Reddit)

  • Commercial loan defaults due to the 2020 situation.
  • Increased Regulatory compliance.
  • Home loans being 2.2% and falling for 30 year fixed... there isn't much profit left in it ands its dropping rapidly..
  • Inflation becoming an issue for banks.
  • Central Banks starting up CBDCs and the massive push to go digital cashless.
  • Increasing Competition from digital / online only banks.
  • Few buyers of Mortgage backed securities.
Click to expand...

New home sales and cash out refinances have and will always keep banks in businesses.

Loans where someone simply lowers their current rate and nothing else aren’t a driving force in the industry. The guy who locks in at 2.5% for 30 years will most likely send that banker a lot of referrals too.
 
huskers1217 said:
only 325. Did a 20 year
Click to expand...

No, you’re right. You definitely would save a little more at 2.25% on that size loan amount. Maybe call your guy and see what the costs are. Might make sense.
 
When the Mrs and I bought our first home, mortgage rates were 7% and that was down from 9.5.

How times have changed
 
packerzrule said:
When the Mrs and I bought our first home, mortgage rates were 7% and that was down from 9.5.

How times have changed
Click to expand...

Houses were much cheaper too. I believe the first home my folks bought was a 2 story colonial for 50k lol
 
The first house I built we were at 11%, lived in it a year and sold it and built another at 9%. When I built my third house it was at 7%. All the rest were around 6-7%.
 
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