RE: Interest Rates23 Mar 2023 11:05
Hi Robert, a good question, I will add my thoughts. As I view things in 2023 people buying their house have been taking advantage of fantastic mortgage deals with fixed rates. In the past these deals were not available so when rates rose all borrowers received the medicine, and a % defaulted. Add in previously the borrowers had 100% loans, and were punished when the housing market went into freefall, that has not happened, yet. The banks have been told not to be quick to foreclose, whereas in the past they grabbed the property as soon as the borrower indicated they had a problem. I no longer have a mortgage but 'still consider the situation is more comfortable for the lenders and borrowers alike. JJ