Quote:
Originally Posted by Pedestrian
You are describing what happened in the US in 2008 and it's starting to happen again: Millions and millions of people buying what they could just afford in good times but not when times unexpectedly went bad.
The good news is that here anyway, if you still have good credit you may be able to refinance to an even lower rate. Mortgages track the 10 year Treasury bond, the interest on which has collapsed and now there is even talk of European-style negative rates.
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In my case, savings are bigger than the two mortgages, so aside the massive anxiety of not having anything left to save in the end of the month, it should be fine.
Down here, same thing: Central Bank interest rates have dropped from 14.25% (2016) to 3.00% and they will probably slash another 0.50% on their next meeting. Banks, however, became very conservative with Covid and aside avoiding new loans, they won't touch current contracts. Future interest rates climbed due uncertainty.