Some says recession is already here and some says it is likely to happen soon.
My understanding is if there is a recession then house prices will go down (i'm not sure how much. But may be it is depend) but I'm just wondering what will happen to the mortgage rates in a recession?
I know feds are increasing the rates to fight the inflation. so that means with the 40 year record high inflation, feds will continue to increase the rates even though if there is a recession?
what happened in the 2008? did rates went down that time?
I wanted to buy a house but not sure it is the best time now. I thought the same way when pandemic hit few years back and thought market will crash. but the opposite happen. Price and demand went up. Now i'm afraid the rates might go up due to the fed rate hikes (may be up to 7%-8%) and if that happened i will not be able to afford house ever. Thinking about that I wanted to buy a house right now to secure the rates but then again I'm afraid if market crash after i buy due to a recession.
it is hard decision to make now.
Note - I'm not a financial guru. I asked this question based on my knowledge. bear with me if the terms are not correct.
Submitted June 12, 2022 at 11:12PM by Nerd803 https://ift.tt/awx6yiN
