The 30-year fixed mortgage rate just hit 8% for the first time since 2000 as Treasury yields soar

We've been looking at Marietta and Greenville SC (where we used to live).

 

You don't say!

 

I LOVE where I live. I love the walkability to great restaurants and yearly events. My neighbors are amazing and very social like I am. My homeowner insurance though is almost as high as my taxes, and my taxes are double what they were in the little town we lived in outside of downtown.

 

Same here. 2.25% on a 15-year fixed. I've been prepaying so I should have had it paid off in around 8 years. Although based on strictly on the numbers I should probably stop prepaying and instead put the money in instruments paying a higher interest rate I am continuing to do so since I would still prefer to own my home free and clear as soon as possible.

 

Same exact terms here on our loan. Owning it outright will feel so good. Congrats!

 

I have the same issue. My mortgage is 2.6% (30 year). It makes no sense to pay it off early, but I still want to (though I won't for now). Even at 2.6%, I'm paying about $600 per month in interest. But at 8% I'd be paying about $2000 per month in interest. That's crazy. The Fed really needs to start bringing its rate down (slowly).

 

Just put the additional payments into a HYSA until the rates drop to parity with your mortgage rate then dump the accrued amount into your mortgage.

 

The single lane roads? Especially in the mountains with the tight turns they do suck.

 

Same, same! 2.2% @ 15 years starting spring 2021. I mean it's great - but we are totally and completely captive in this house until things change a lot.

 

The math says to wait on paying it off, but life just feels better when you don't have a house payment

 

I’m in a similar spot, but it’s a good thing to have a nice nest egg in case some big emergency happens so you don’t have to go get a loan.

 

You wouldn't say that if you drove a Porsche.