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News@lemmy.world · 1 year ago

A 30-Year Trap: The Problem With America’s Weird Mortgages

www.nytimes.com

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A 30-Year Trap: The Problem With America’s Weird Mortgages

www.nytimes.com

StrawberryPigtails@lemmy.sdf.org to

News@lemmy.world · 1 year ago

One big reason the U.S. housing market is broken: Owners don’t want to give up their cushy old loans.

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jordanlund@lemmy.world
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1 year ago
I banked enough cash WFH to buy a house in October of '21 and got a 3.25% fixed. There are 28 years remaining with a $2,000 a month monthly payment.

Why would I give that up? What’s the incentive to take a higher interest rate and a higher monthly payment? There really isn’t one.

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