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A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up (www.nytimes.com)

submitted 7 months ago by [email protected] to c/[email protected]

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[–] [email protected] 0 points 7 months ago

I'll grant you that the article is kind of shite, but as someone who is stuck in a house I'd rather be rid of, it resonated with me. I don't like my house.

We were first time buyers and ended up with a bit of a lemon, which we've put a lot of work into but it doesn't make it a house we love. We've been there for 7 years, we tried to move once and COVID fucked it up, and now we're stuck in a city suburb neither of us really want to live in anymore, in a house that we're sick of, with neighbors who are growing increasingly conservative that we would rather see the back of. Despite the fact that we've technically got over 100k equity on our house now thanks to value inflation we can't afford a move because even with a 100k down payment any house we actually want is now 450k+ and our monthly payments with a 7-8% mortgage rate would be 3x what our current payment is.

So like, yay, we have a house and at least that's good, and we're secure because our payments are low! But also, I want to fucking leave this place, I hate it, I hate my neighbors, I hate this state, and yeah, we're fucking stuck because even with all our newfound equity we're still poor af according to the rules of the game and it fucking sucks.