People might be scared to let go of a house they already bought.
- They might consider going on paying in the hope that rates drop
- They might not be able to buy another house
- They might find rents will shoot up with mortgage, so somehow manage to pay mortgage.
Also, many houses are bought by investors and companies.
They might be able to show higher mortgage as additional expense when filing Taxes. ( Not sure, but that's how I think they do it - someone can explain better )
If a large number of people are unable to afford their mortgage.
Then we have a real crisis coming.
- They might consider going on paying in the hope that rates drop
- They might not be able to buy another house
- They might find rents will shoot up with mortgage, so somehow manage to pay mortgage.
Also, many houses are bought by investors and companies. They might be able to show higher mortgage as additional expense when filing Taxes. ( Not sure, but that's how I think they do it - someone can explain better )
If a large number of people are unable to afford their mortgage. Then we have a real crisis coming.