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...“People are living in a building that’s in foreclosure and they’re still selling it,” one broker marvelled. “Can you believe that?”...
...One, they’re short convexity and the Fed hiked rates 500bp in nearly a year. Two, they’re long the yield curve. If you’re long mortgage securities, you want a steep curve....
...“As soon as there is demand, inside [popular] school catchment areas in places like Fulham, Clapham or Islington, things can change very quickly, especially when you’re a young family looking for a certain...
...“We’re in a different era that does not favour debt in relation to real estate purchases,” she says....
...We ask that owners of Scottish Mortgage share in our long-time horizons, our commitment to investing in progress, and be aware that returns are not delivered in a straight line....
...And if you’re already in the process of switching your mortgage, should you now try to grab a cheaper deal?...
...To see the range of buyers open up more substantially, you’re going to need to see the first [base] rate cut and then a more meaningful improvement in mortgage rates.”...
...Foreclosures are more likely in the early years of any mortgage when maintaining payments is often a greater struggle....
...The re-pricing of interest rate expectations has caused lenders to offer cheaper deals, but households continue to face higher mortgage payments as their fixed contracts expire....
...to foreclosures and liquidations, given the current trajectory of property prices....
...We certainly hope you’re not expecting us to have the answer, but it will be interesting to see what the Sarahs of the UK do....
...“We’re in danger of making politics something only hedge fund donors, young spin-doctors and failed trade unionists can afford to do,” he said....
...“You might be addressing the deposit affordability issue, but you’re still left with the mortgage affordability issue,” Cook said....
...Mortgages. Plural. I know what you’re thinking. The writer of Rich People’s Problems has not one, but two mortgages? Off to the Tower! Yep, it’s true. And with good reason....
...“We’re now seeing the brakes being put on some property deals as the brokers want to wait a few weeks to get a better mortgage rate,” he says....
...Over the short term, I think we’re going to continue to see a reduction in fixed-term pricing from lenders.”...
...“We had a lot of good news in recent months, helped by falls in inflation,” said David Hollingworth, associate director at broker L&C Mortgages....
...It fell into foreclosure within a decade as many of its tenants went broke....
...Buyers deterred by high mortgage rates in 2023 have found some respite as rates have eased in recent months....
...The government created Freddie Mac, Ginnie Mae, mortgage-backed securities, modified mortgages and subsidised rates for homeowners. It was a 1 per cent mortgage era....
...One in four said they were saving to buy a property, and nearly one in five said they were saving to pay off a lump sum of their mortgage when their fixed-rate deal expired....
...They said: ‘We’re not heading into a mortgage rate catastrophe. So let’s get on and do what we need to do.’”...
...The hedge funder David Einhorn made an argument along these lines in Bloomberg earlier this year, noting that the $13tn in households’ short-term interest-bearing assets exceeds the $5tn in non-mortgage...
...They’re not afraid because they see the opportunity to make deals and get in at a lower price.”...
...They’re reaping the rewards,” said Diarmaid Sheridan at brokerage Davy in Dublin....
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