Ben Eisen

speaker

1,467 appearances 35 recordings 1 series first heard Jul 2017 last heard Nov 2024

Ben Eisen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · High Mortgage Rates? High Prices? Some Home Buyers Say ‘No Problem.’ · 28 Oct 2022 podcast

They ended up with a mortgage at a rate of 4.5%, which is lower than the average these days.

But still, it was a trade-off where they decided, you know what?

Now is not such a bad time when you consider all of these things.

And also this couple was renting at the time, and they expected their landlord to raise rent for the second time in two years, which was kind of pushing them out of the rental market towards buying, which is an experience that's fairly common among today's buyers.

Well, it's hard to overstate just what an impact the higher mortgage rates have had on just the cost of buying a home.

So somebody who is buying an average-priced home is paying hundreds of thousands of dollars more in interest over the term of that loan because of the higher interest rates.

And that translates to a much higher monthly payment as well.

So when people kind of consider the math of what they can afford, it's really the actual mortgage cost.

The mortgage interest cost has gone up so much that they can afford less of a home or might be just making different decisions about what they can buy or if they can buy at all.

So a lot of these people were pushed to the sidelines last year when all of that was playing out.

And they found it harder to get offers accepted.

And sometimes the type of financing they're using was not the most preferable in a market with all cash buyers and people putting down big down payments.

So you're seeing loans like FHA loans, VA loans.

These are government-backed mortgages that...

you generally don't have to put much of a down payment on in order to get them.

Those are actually making up a bigger share of the market these days.

And the reason for that is sellers are more willing to accept offers that come with those mortgages.

Yes, that's an important point.

It's not as if the cash buyers have all gone away or the people aren't putting down big down payments.

Actually, the share of buyers who are cash buyers has remained about level with last year.

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