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Description: Follow Steph through his entrepreneur and real estate journeys

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About 17 years ago (back in 2005) when mortgage interest rates were around 6% I posted an article called How interest rates can drastically affect real estate prices . At the time I was already amazed by the low interest rates and was concerned they would go up and how it would affect people. It’s finally started to hitting us, and what’s even more challenging is that the percentage increases per 1% is higher than it was in 2005 because interests are so much lower today than back then. In other words going

In the last few months we’ve just gone from 3% to about 6%. I’m going to use 30 year fixed interest rate because it’s a lot easier as I can just use the FRED data . In any case that’s a 3% increase in a matter of months. That’s also double the interest rate! Looking at the chart from my previous article about how interest rates affect real estate prices , someone who could afford a $1000/mth mortgage back in the summer of this year could afford up to about $235k mortgage whereas today that translates into a

That was at the time while the market was hot and people were buying. What happens today when people are struggling financially and buying is much much lower? Where you just can’t flip your house or refinance on a higher valuation? If you look on Reddit there are a lot of stories of people on variable interest rates seeing large increases in their monthly mortgage payments. We’re talking multiple hundreds a month to over a thousand dollars more per month. That hurts.

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