Variable mortgage regret?

[suntan]

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I don't think we can say "never". I'm guessing back in the early 80's when it was upwards of 20% they said something along the lines of "You'll never see a 2% interest rate in your lifetime". Yet, we all know what happened. Granted, that was 40 years ago... still inside a lifetime.

The market ebbs and flows, but sub 1% is certainly not the norm. I think a lot of people got lulled into a false sense of ability towards home ownership, without realizing that historically, they're probably looking at an average of around 8-9% prime during the course of the mortgage. For those of us on the tail end of their mortgage, it doesn't hurt as much. But I imagine for those who are currently house poor, there's some sweating going on...

Are you like 20 or something? Because that's the only way you're going to see 2% again.

[max_boost]

Being a student is okay in this case right. No mortgage no problem. Just stay at home.

[Buster]

Can a mod please change the title of this fucking thread to "....ragrets..."

We're trying to run a civilization here.

[2Legit2Quit]

This thread is full of lies and deceit, everyone on beyond is a baller and has no mortgage

[Kloubek]

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Are you like 20 or something? Because that's the only way you're going to see 2% again.

Lol. I wish. I'm just saying that I don't think we will have to wait so long to see such interest rates again. The rise was very quick, and although a decline is sure to be slower, I think we will see it a lot sooner than the decades it took to get to that point the first time.

[vengie]

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Sub 1% prime is gone forever. You will never see it again in your lifetime.

Fuck you might never see 2% again.

Not with that attitude.

[ercchry]

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This thread is full of lies and deceit, everyone on beyond is a baller and has no mortgage

I don’t have a salary, just loans against my vast ownership of corporations

[max_boost]

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This thread is full of lies and deceit, everyone on beyond is a baller and has no mortgage

Ya man. Wassup what’s going on here lol thought everyone was debt free. I’m so confused

[Manhattan]

It could go either way. We could see a prolonged fight against inflation on the current path...people trying to outbid each other for finite supply of things. Or we could just as likely see rates stabilize to pre-covid levels because supply chain issues and money printing had a huge impact but supply chain will get fixed and people will eventually blow their stimmy cheques. What you're left with is technology leading to more deflation - all the tech toys we have now cost way less relative to incomes at any time prior because of technology advances.

The same thing that leads to inflation & recession is also the cure. Govt raises rates to fight inflation leading to recession leading to unemployment leading to less spending. A business cycle.

People ALWAYS overreact to these things. The fear of it is human nature.

[prae]

Borrowing costs on our variable mortgage (had we borrowed what we were approved for) would have increased by well over 2k a month in the last year.

Anyone that bought Toronto- or Vancouver- priced real estate without significant equity must be feeling absolutely squeezed, especially when combined with CoL increases in groceries, fuel, etc.

Shit's wild. I'm not as worried about markets like Calgary but the price levels in Vancouver are just beyond my comprehension at these rates.

[ExtraSlow]

every time we think we have a new, stable, normal, we are wrong. Our ability to predict the future hasn't improved.

[suntan]

Inflation is sticky.

And deflation doesn't happen.

[hks]

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Inflation is sticky.

And deflation doesn't happen.

Probably mostly true. I paid almost $9 for a Mcd's breakfast meal this morning. Even if we get inflation back to its normal range, it's not like Mcd's is going to all of a sudden lower their prices.

[Buster]

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Probably mostly true. I paid almost $9 for a Mcd's breakfast meal this morning. Even if we get inflation back to its normal range, it's not like Mcd's is going to all of a sudden lower their prices.

Your impression of this situation is only modified by wages increasing

[hks]

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Your impression of this situation is only modified by wages increasing

Wage inflation is a bitch. It's a never ending cycle of people wanting higher wages and companies increasing the prices of things to offset those higher wages.
I'd still probably buy a sausage and egg meal for $15 though...

[Misterman]

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Wage inflation is a bitch. It's a never ending cycle of people wanting higher wages and companies increasing the prices of things to offset those higher wages.
I'd still probably buy a sausage and egg meal for $15 though...

You have the cart before the horse there. But even worse is that market inflation happens at a greater rate than wage inflation. So you actually have decreasing wages in real terms.

[Disoblige]

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Probably mostly true. I paid almost $9 for a Mcd's breakfast meal this morning. Even if we get inflation back to its normal range, it's not like Mcd's is going to all of a sudden lower their prices.

That is why coupons lol.

But if one day coupon prices is a $9 breakfast, then gg.

[max_boost]

3.99 teen burgers

I love fast food coupons/specials or app deals lol

[SilverRex]

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3.99 teen burgers

I love fast food coupons/specials or app deals lol

sadly its over, I was eating that practically daily last week.

[Neil4Speed]

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Probably mostly true. I paid almost $9 for a Mcd's breakfast meal this morning. Even if we get inflation back to its normal range, it's not like Mcd's is going to all of a sudden lower their prices.

They had a $5 coupon this week in the app...!