Buying a house when mortgage interest rates are high - Dave Ramsey

With high mortgage interest rates should you wait to buy a home? In this video, Dave Ramsey discusses whether or not you should wait to buy a house. He says that even though mortgage interest rates are up, buying a home could still be a great investment.

If you're wondering whether or not to wait to buy a house, this is the video to watch! Dave Ramsey provides a balanced perspective on the current market, explaining the risks and benefits of buying now or waiting. Ultimately, the decision is up to you, but this video will help you make an informed decision.

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About Churchill:
At Churchill Mortgage, we believe homeownership is a big part of the American dream. After all, your home is where all of life’s moments take place. That’s why we’re committed to doing what’s right for you.
Since your financial goals are personal, we want your home loan experience to be too. By building out a smarter mortgage plan that works with your unique goals in life, you can cut time and money off your loan, which allows you to build wealth. And owning a home is one of the fastest and most stable ways to build wealth.
From your first phone call with our team through the length of your loan, you’ll see Churchill Mortgage does things differently. If you’re looking to buy a home or refinance and want to work with a family of people who are dedicated to doing what’s right for you, reach out. We’re ready to help!
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[Red]

Mortgage rates are cheap when we consider 9% inflation rate. Buy if you qualify now. Tomorrow we might see 10% APR rates.

[jakefranchise]

I don’t care what anyone says, paying 8% interest on a house is insane. I hear people say well it was over that in the 80’s. I’m like yea…but housing prices were far FAR less than that.

[tutibeara]

Bro 7% is high when house are 450k plus you remember teen% rates when houses were 250k theres a huge difference

[jjeverson]

What Dave doesn’t tell you is that if you buy a $500k house, you can pay upwards of $450k extra just in interest alone. Interest rates do matter these days even if you can expense them for the year

[germgerm]

tell Dave that those houses he bought back in the day were under $100, 000, average price now is 400, 000... theres a difference.

[Jon-wftg]

That man has to be getting paid by the banks or he’s lost his freaking mind one or the other

[BMXIX]

I have an 850 credit score and the interest rate quoted to me today is 7.49% Build Back Better my @$$

[glennborek]

For people who are about to pay for an priced inflated house. Here’s the difference in your mortgage at 7% $400, 000 mortgage $80, 000 down. your monthly payment is going to be roughly 2, 632 a mouth, a year ago when it was 3% mortgage rate your monthly payment would be 1, 849 a month I figured in 5000 a year in taxes 1000 a month in insurance. Do you really think your house that’s over inflated is going to stay at that price I find it hard to believe. I just don’t want people to make the same mistake I did.

[estherbanks]

Is this still Dave Ramsey? I feel like in a twilight zone right now.

[benjiebarker]

1985 was 17%…lowest was 3% in 2020…what if rate goes to 17% again…and the current 6-8% is the low right now?

[Kieshak]

Yes it does go up because of property taxes and homeowners insurance so that’s not technically true!

[MisterCee]

I just bought my first house. Interest rate is 8.5%, yikes! But where I live (Northern, CA) my rent is about what my mortgage payment is. I had to do it. Also was able to secure a house through a family friend for almost $40k below asking price.

[victoryang]

hurts my feelings knowing a 200k mortgage today is the similar as my older brothers 270k mortgage he got at a lower rate….

[ivyyupv]

Apples to apples is a term that is said but I don’t think people appreciate it. Average house cost in the 80s $47, 000, mortgage rate 19% and a income of $21, 000. Rates don’t need to come anywhere near the old days to do damage. And I don’t know to many people that make almost half of their home’s value in a year. Average home today $348, 000 and 45% of that is $156, 000. I think locking in the “rent” though a mortgage is good but to suggest that rent will forever go up is misleading.

[androidaccount]

Dave please make a video for us California people looking to buy

[tiffanysilvera]

I would not mind purchasing a house at an interest rate of 7%, you can refinance when rates drop. The problem is how expensive these houses are. My mother bought her home back in 2005 (4 bed 2.5 baths) at 200k in a nice neighborhood. A house like that now is well over 350k and that is not including interest.

[benorim]

This guy is so out of touch! Houses are more expensive now. Wages didn’t grow at the rate at which price of houses have ballooned

[dustingoldsworthy]

Dave has his wealth tied up in housing. He is very bias towards home ownership. Very easy for a guy in his position with years of wealth accumulation to say buy a house.. not very easy game to play if your struggling to put together a deposit in a recently pumped up market with high rates.

[mattdarbyshire]

A 570, 000 in texas waa mid 3's 4 years ago. The interest rate was 2.8%. HUGE DIFFERENCE

[drobeofwar]

Yeah ok, not applicable to Australia. Average house in Melbourne is 1.3m . So 1% vs the current 5% is a monstrous difference and a waste of money.