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so why are mortgage rates still 6%... don't they get it?
In order to get the economy moving again... 6% is good up to 100,000 but anything over that is CRAZY
but dont they realize if you dont fix the bottom, you cant fix the top... 72% of the economy is spending... if people dont have the money to spend then everything they are doing is in vain...
6% is great for a 50,000 to 80,000 loan, but in california, the median house is still 350,000. Wages have stayed the same or worse over the last 20 years... no one can afford a house and have money to spend on non essential items... everything will crash...
4 Answers
- Anonymous1 decade agoFavorite Answer
Mortgage rates have 1% higher than they should be for a long time. It's because since real estate values are still going down, they can't assess the risk on the loan so they add on the extra amount.
As we speak the federal government is trying to work out a plan to guarantee the loans so they don't have to charge the higher rates for the extra risk.
- 1 decade ago
6% is good, still record low rates, especially for 30 year fix. Lowering the actual mortgage rates arent going to help anything in the long run. Think about those people who have 9% + they would love for a 6%.
- Anonymous1 decade ago
The banks have lost a lot of money. And now they don't have that much money to loan.
There is a lot more demand for borrowing than banks have money for loaning. That's why the price of borrowing is so high.
It's all a matter of demand and supply.