475
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 14 Aug 2026
475 points (99.0% liked)
Not The Onion
22244 readers
1561 users here now
Welcome
We're not The Onion! Not affiliated with them in any way! Not operated by them in any way! All the news here is real!
The Rules
Posts must be:
- Links to news stories from...
- ...credible sources, with...
- ...their original headlines, that...
- ...would make people who see the headline think, “That has got to be a story from The Onion, America’s Finest News Source.”
Please also avoid duplicates.
Comments and post content must abide by the server rules for Lemmy.world and generally abstain from trollish, bigoted, ableist, or otherwise disruptive behavior that makes this community less fun for everyone.
And that’s basically it!
founded 3 years ago
MODERATORS
Their whole business model was based around getting people to refinance. When rates are up, people don't refinance.
US mortgages are almost always fixed-rate, so increased interest rates don't change the premiums for existing mortgages, hence the drive to refinance when rates are low.
A lot of them are variable-rate which is just insane. You're allowing your mortgage lender to charge you whatever interest rate they feel like charging, with your only out being the hassle of refinancing.
I've read that that's common in other countries, but I haven't heard of any here.
It used to be more common, but I think it got a lot less so after the 2008 economy did its thing. At least that's my anecdotal impression.