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US Home Down Payments Soar To Record. Mortgage Rates Fall Again
Mortgages. Get 'em while they're hot. Err, "cheap."
Financing costs for half-million dollar human self-storage compartments (hat tip to a reader for that little quip) fell a fourth straight week, the MBA said Wednesday.
The rate on a 30-year commitment to a tiny plot of land with a small-ish box on it is now just 6.44%, the lowest since April of last year.
Rates still aren't anywhere near low enough to catalyze a market thaw. As discussed here earlier this week, six out of seven US mortgage
From my experience, family loans generally become donations,
Actually, these days you can’t give a loved one or family person a loan you will never collect, without creating a tax event and bar the granting of a mortgage. Over the years I have made three contributions to my daughter for a down payment on a house. In all three cases she could not obtain a mortgage unless I filled out an affidavit swearing my contribution was an outright gift that would not be repaid.
From my observation- this is where the quiet, under the radar transfer of the Boomers’ $73T of wealth is beginning. I have several friends who have done exactly as Mr. Lucky described.