Luck refers to that which happens to a person beyond that person's control. This view incorporates phenomena that are chance happenings, a person's place of birth for example, but where there is no uncertainty involved, or where the uncertainty is irrelevant.
Average rates on 30-year fixed-rate mortgages have climbed in recent weeks by about a quarter-percentage point, from 3.75 percent to almost 4 percent â about a $600-a-year difference on a $350,000 mortgage. Several sources of data suggest that buyers are paying more attention to the threat of higher rates.
A rise in rates to 2% would increase the share of mortgage holders paying more than 30% of income on repayments from 9% to 14% after a rate rise. And renters continue to have an elevated concern about their ability to pay for their accommodation, despite a fall since the peak in 2013.