/biz/ - Business & Finance

I was talking to some immigrant filipino guy at work who was bragging about having bought a million dollar house or so in the winter at (very likely variable) rate of 1.1% (prob lying but who knows). I told him they were going to raise interest rates soon to curb inflation and he bushed that off as something that would never happen because it'd hurt the housing market.

Now mortgage rates are approaching 6%