The economy has not yet fully absorbed the repercussions of the fastest interest rate hike in modern history ๐
Its impact is expected to continue reverberating throughout 2024 and beyond ๐ฎ
#Nostr 
Discussion
Holy fuck.
If you got a variable, you are a shitcoiner
A lot of people have no idea how anything works. I barely do, but I know enough to have a fixed rate mortgage.
Or you reside in Austria, Greece, Italy, Portugal, or Spain where ARMs are common
ARMs are common in the US. Just ill-advised for this exact reason. If you cannot qualify for a FRM in the US better to not get a mortgage at all.
If you've got a low fixed rate, hold on to it like your life depends on it.
ffs, why would anyone enter a variable rate mortgage when rates were at historical lows? ๐ซฃ
upon further review...i dont think this is a US mortgage statement. We dont put dates in this format: DD/MM/YYYY like in some foreign jurisdictions.
Looks like a UK mortgage. It's very common to have fixed rates for a short period. E.g. 2yrs or 5yrs. Banks don't generally offer lifetime fixes.
"Thank you for reaching out. Please consider this me 'doing something'. I do not elect to move to the SVR provided and will continue on our contractually agreed upon rate of 3.59%. Thank you for your understanding. Have a nice day."
Oh shitballs!