Paul Kiernan

speaker

175 appearances 3 recordings 1 series first heard Jun 2018 last heard Aug 2021

Paul Kiernan’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Borrowing Costs for Consumers Are on the Rise · 14 Jun 2018 podcast

Yeah, it really puts homebuyers in a tough situation because on the one hand, they've seen rates go up.

They've seen housing prices in a lot of markets go up.

Phoenix is a good example.

And they may not be able to afford the same home now that they thought they could afford nine months or a year ago.

And so they're in this position of going for a purchase now that might be tough to afford, buying a house that maybe isn't as big or nice as they had expected, or trying to wait it out and see if the situation changes.

But all the signals are pointing toward higher rates.

Yeah, how much money consumers have goes into it.

And most spending isn't made on credit.

So again, I mean, this is an effect that people are seeing if they're about to take out a loan or if they have a variable rate debt like credit card debt.

or home equity lines of credit that fluctuate with the market.

If you don't have debt, or if you took out a mortgage a few years ago, you're sitting pretty.

And one compensating factor in all this is that yields on savings accounts, while they remain very low, are starting to go up as well.

And so

It's not like this is a blanket downer for the economy.

Thanks a lot, JR.

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