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Mortgage rates soar to their highest level in 21 years
(www.cnn.com)
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this post was submitted on 17 Aug 2023
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I unfortunately wasn't able to refinance, but I'm still significantly below 4%. I don't think I could afford to buy my own house today with current rates and house values because my mortgage would more than double.
Below 4% is a huge win. I bought my house in 2007 at 6.5%. Refinanced after the financial meltdown at 5% then again in 2012 at 3.25%.
It's been an absolute gift to build equity with such a low rate, but I'm also lucky that I didn't have to move.
My wife wants to build a house, and I told her we'll think about it once rates come down a bit, otherwise we'll just build with cash later in life.