Fed hikes rates to highest since dot-com bubble. The central bank’s key overnight rate will rise to a range of 5.25% to 5.5%. That is higher than it has been in decades.
(www.washingtonexaminer.com)
🤑 MONEY COLLAPSE 💥
USA is famous for its 30 year fixes. Doesnt happen in other countries. Where I am you can get 10 year fix max but expect massive arrangement fee. Most people on variable rate.
I was advised to get a 30 year fixed, which I got on a jumbo at 3.5%. I am fortunate enuf that I could pay it off, but I make much more than the 3.5% leaving it invested. Add to that inflation and over the 30 years you beat the bank.
Millions of people in UK now facing 7% on mortgages which were 2% when they started them only a few years ago. May not sound a lot in percentage terms but means monthly payments doubled or tripled. Not sure what a jumbo is but I know a lot of people would kill for a 30 year fix at 3.5% 😀