I recently gave up my 3% mortgage from 2013 in exchange for a 7% mortgage. It hurts, but it was worth it to get out of Florida.
In the end, my housing costs actually didn't change that much because my home insurance rates were skyrocketing.
this post was submitted on 15 Apr 2024
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but it was worth it to get out of Florida.
You could put almost any horrific thing in front of that phrase and it sound valid.
I had to keep my arm in a tub of fire ants for 5 minutes, but it was worth it to get out of Florida.
And people moved away from cities during COVID to decrease their cost of living and get a bigger place while still being able to work from home. They bought with lover interest rates in their mortgage.
Now employers want a return to office. The employees can't afford to move back.
Also a lot of people have discovered that no one wants to live in rural areas because they fucking suck. That's why there's no people there.
3.6 here (bought 22) and not fucking moving until rates are at least below 4 again. If that means I don’t ever move again then so be it
7-8% rates are bad by recent standards but not awful by historical standards. Depending on where I move and how much house I can get, I'd be willing to give up my 2.9% rate for something in that range.
There are a few other factors to consider right now, anyway. I'm a Houston resident, and this is supposed to be a particularly bad hurricane season along with a historic heat wave. My wife is terrified of the state's newest right wing legislative push, as well. Michigan, Minnesota, and Washington is looking better and better as Texas brains are poisoned by MAGA media. And, despite having a gangbusters growth, my O&G employer decided to cut our bonuses from last year - so I've got one eye on the job market again. Our water bill jumped by 9% in a single year. Our interior roadways are falling apart, with no sign that the city or state plans to clean them up or improve access to public transit. HISD is being cannibalized by the governor's cronies, so I won't have anywhere to send my kids in a few years.
Would I pay an extra $500/mo to live in a state that isn't run by pedophiles, bigots, and zealots? Absolutely. Bonus points if it got me out of the concrete jungle and put me in spitting distance of some decent mass transit.
Yup. Bought at the end of 2019, refinanced in late 2020. Currently have a 15 year mortgage at a fixed 2.1% APR. I literally cannot afford to give this up.
It's less that I want to leave this house, specifically, and more that I just want out of this state. For multiple reasons unrelated to my good mortgage deal, I'm stuck here for the foreseeable future.
On the bright side, I never thought I'd actually own a house so I'll take the win.
Don't you have to renew it every 5 years?
I haven’t heard of having to renew mortgage interest rates. A fixed interest rate should be good for the life of the loan.
I’m at 2.875% on a 25-year loan. I never plan on moving.
15 and 30 year fixed mortgages is pretty unique to the US.