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Its less of a problem of lock in here in Australia. Our rates tend to only be fixed for the first few years. Then you go to the variable rate. We have an opposite problem, where we have what's known as a mortgage cliff. People who signed up at affordable repayment amounts end that lock in period and have payments jump significantly. Some are forced to sell.
Being locked in seems better than being forced to sell.
Here in Germany you can decide how long you want your rates to be fixed, with the tradeoff being that longer times of fixed rates usually have slightly higher rates (in German its Zinsbindung).
I am lucky and happy that I chose to do 30 years fixed rates, after those 30 years I only have like 2k€ left anyway, so it doesnt matter what rates I get then really.
3.6 here (bought 22) and not fucking moving until rates are at least below 4 again. If that means I don’t ever move again then so be it
7-8% rates are bad by recent standards but not awful by historical standards. Depending on where I move and how much house I can get, I'd be willing to give up my 2.9% rate for something in that range.
There are a few other factors to consider right now, anyway. I'm a Houston resident, and this is supposed to be a particularly bad hurricane season along with a historic heat wave. My wife is terrified of the state's newest right wing legislative push, as well. Michigan, Minnesota, and Washington is looking better and better as Texas brains are poisoned by MAGA media. And, despite having a gangbusters growth, my O&G employer decided to cut our bonuses from last year - so I've got one eye on the job market again. Our water bill jumped by 9% in a single year. Our interior roadways are falling apart, with no sign that the city or state plans to clean them up or improve access to public transit. HISD is being cannibalized by the governor's cronies, so I won't have anywhere to send my kids in a few years.
Would I pay an extra $500/mo to live in a state that isn't run by pedophiles, bigots, and zealots? Absolutely. Bonus points if it got me out of the concrete jungle and put me in spitting distance of some decent mass transit.