Viewing a response to: @thedarkhorse/re-greenman-in-thailand-and-in-my-new-condo-here-and-yes-soon-the-direct-to-vendor-donating-will-be-back-at-it-20180405t130659824z
If Interest rates rise by 1/4 point many people in Canada will not be able to make their monthly Mortgage payments ... let alone afford to buy food.
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| author | offgridlife |
| permlink | re-thedarkhorse-re-greenman-in-thailand-and-in-my-new-condo-here-and-yes-soon-the-direct-to-vendor-donating-will-be-back-at-it-20180406t190452507z |
| category | bitcoin |
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| created | 2018-04-06 19:04:51 |
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1/4% isn't felt and as most mortgages are fixed interest rates. On a $10,000 credit card balance 1/4% is only $25 a year. This just isn't enough to matter as people can cut out something. Where even that small amount matters is that people will cut things out, say 1 less movie a year or eating at home an extra time. Multiple this over the entire economy and it means jobs are lost.
| post_id | 42,557,691 |
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| author | thedarkhorse |
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| category | bitcoin |
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| created | 2018-04-08 00:27:54 |
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People in Canada have $800,000 mortgages ... that's $2,000 a year . . Almost $200 / month
| post_id | 42,561,814 |
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| author | offgridlife |
| permlink | re-thedarkhorse-re-offgridlife-re-thedarkhorse-re-greenman-in-thailand-and-in-my-new-condo-here-and-yes-soon-the-direct-to-vendor-donating-will-be-back-at-it-20180408t012827796z |
| category | bitcoin |
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| created | 2018-04-08 01:28:30 |
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| thedarkhorse | 0 | 6,820,112,689 | 10% |
A majority of mortgages are fixed rate so most will not feel any increase if rates increase. >TransUnion found that as of the end of June, the average Canadian mortgage had $198,781 left on it, a figure that has increased by almost five per cent in the previous 12 months Source: http://www.cbc.ca/news/business/transunion-mortgages-debt-1.4256026 While there are pockets of Canada that have insane real estate prices the average person doesn't have a 800k mortgage. Anyone with an ARM that can't afford an extra 1/4% mortgage increase never should of bought a home on an ARM while rates were at historic lows. Seriously anyone that takes an ARM right now just isn't very intelligent. Buy a home you can afford or just don't purchase a home. At that if someone has an ARM right now and isn't refinancing into a fixed rate mortgage is just asking for drastically higher payments in the future. Interest rates will rise, period. There is zero chance of them not rising IMO.
| post_id | 42,568,968 |
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| author | thedarkhorse |
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| category | bitcoin |
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| created | 2018-04-08 03:06:42 |
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