Emergency News: Mortgage Rates Plunge as Job Market Worsens
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- Опубликовано: 8 сен 2024
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FEDS need to let go and stop holding taxpayers as hostages.! People want to have jobs, buy houses, buy food, and basically live.!!
@@gerelynreynolds2391 but the global agenda…
My spouse and I work for intel and they are laying off big time! Its a terrible jobs market for tech
Get rid of the FED, such a joke.
Dan, do you have a video that talks about what is required when refinancing? I got my mortgage at 5.75%, and want to learn about when/if a refinance at any point would be right for me, for whatever term I have left, meaning that if I have 25 years left, then i would refi for 25 and not 30 years. I also want to learn if a refi requires all the docs that a mortgage does. It's a lot!
Good qq, looping for more details from Dan 🙌🏻
@@patriciahernandez-xh6hl id love to know this as well
just posted one over the weekend
As I mentioned before, no need to cut in July. The cuts is only a little push to where it will go anyways, it’s dropped 2% since last year with no cut. It will be close to 6.0% when September comes.
Cutting 0.5% in September won’t be a surprised either.
As I mentioned before, no need to cut in July. The cuts is only a little push to where it will go anyways, it’s dropped 2% since last year with no cut. It will be close to 6.0% when September comes.
How many people borrowed against their 401k?
If you lose your job how do you make your house payment?
Do low rates matter if money is tight?
what if you dont lose your job and can make the payments and home prices continue their upward path and rate come down in the coming year and you refinance and you house payment goes DOWN. We need a complete reset of how people think
Now I understand why the CRASH videos get so many views
have FAITH my friend
If you lose the job, the 401k loan can be converted to a cash out and you get hit with taxes plus fee.
@@HandlingSmilus I bet most people have borrowed against it at this point.
@@TheRateUpdatewithDanFrioI have to disagree with you Dan. I spent my whole working life in that field. When you borrow money from your 401k you pay it back with after tax money and then it sits in your account and you get taxed on it again when you take it out later in life. So unless you don't mind being doubly taxed My rule of thumb is and always has been... NEVER EVER BORROW FROM YOUR 401K UNDER ANY CIRCUMSTANCE
@@Detached_AZ no, when you have 7.5% interest rate with a 430k+ loan and you just started the loan. If you borrow 50k from 401k, you are saving more than 268k over the life of the loan. Your tax for that after tax 50k is no where near 268k you could have saved. Remember paying down principal GUARANTEE the interest rate you are paying, in this example, 7.5%! Each month on interest alone saves you more than $300 bucks and the saving increases each month by a few dollars!
The answer is it depends, never say never.
Lower rates are only good if you keep your job
That’s a little click baity… we don’t know where jobs going- if it’s 240-250-230 etc that’s nothing burger. If it trends up - game on. Market already priced a point of Fed cuts that’s why 10y is down, they always do. We shall see
Jobs came in at 114K pushing the unemployment rate to 4.3%
Down down almost 1000
MBS are up 32 right now so we may see 6.5% on the 30 year
Dont forget at the end of 2023 rates were coming off a HIGH of 8.03%
I will take a 150 BPS drop in 2024 and its only AUGUST
thanks for the post as usual buddy
@@TheRateUpdatewithDanFrio I’ll see you soon with my refi! Hope very soon the way things folding out
I wonder whether recession fear resurgence will cause people to list their home home for sale
In your opinion what’s the lowest rates will go back to ?
You should be an economics teacher as well
Better than most profs I had in 1977
How the hell do you rectify this:
Fed 1/2 mandate - we want to maximize employment.
Fed - we need more unemployment.
Fed have missed it.
I feel bad for unemployment going up, but I’m so happy the 30 year is at 6.4%.
Most of the unemployment affects non-skilled labor, highly paid older workers than can afford to retire and highly paid younger workers that can find similar employment easily. As with all things economic the less educated and/or skilled you are the more you will get hurt.
dump it
Summer jobs ending
30 yr Conv Fixed rate will likely be down .50% by Sept. 19. And thanks for your smart aleck comment non-answer when I asked your rate opinion post Sept 18 Fed meeting on Kyle's live stream the other day because that led me to other sources. I checked around and some real financial pros gave me their expert opinions and all four said from .35% to .65% drop by mid October was highly probable and one said it could go as far as .75% lower by Nov-Dec if jobs data and inflation data continue to fall even slightly.
Steve the truth is NO ONE KNOWS: Not trying to be rude but thats the truth
Look at the FED just last week they didnt cut because jobs and the economy is still NOT BROKE. Only time will tell. If someone tells you exactly whats going to happen in 60 days you must ask yourself HOW DO THEY KNOW something that even the FED chairman doesnt know
Sorry to took our comments as Smart Alecks
Feds should have cut in july imo
Y
I think we will see, I’m still on the contrary opinion that the fed will increase rates, inflation is still high
Maybe should have cut in July because the market will lag for months even if cut happens in sept…. 🫠