Invesco’s Kristina Hooper recalls her own experience of buying a “starter home” as a newlywed in 1996.
"I've held onto it because it was such a vestige of the past and reminded me of history," Hooper said, adding that her parents had a mortgage rate of 13% in 1981.
At the same time, Hooper acknowledged that rising levels of debt might make this cycle of rising interest rates feel higher for some people. Thein April showed that overall debt levels in the U.S. had risen 5.4% to $15.3 trillion in the third quarter of 2021 from the previous year. Mortgage debt was up 7.6% in the third quarter of 2021 to $10.3 trillion, up from $9.6 trillion in 2020.
Hooper said that"for those who have fixed rates that's wonderful and luckily we don't have the kind of mortgage products we had prior to the global financial crisis, where there was a resetting that went on after a few years and many couldn't afford their mortgages." "So that's certainly the good news, but for those with variable rates, for those who are still out there buying, even though rates are a lot higher, it's going to feel a lot less affordable," she added.demand for adjustable-rate mortgages had doubledARMs tend to offer lower interest rates, but are considered slightly riskier than a 30-year fixed rate mortgage.
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