they paid more than double then what they bought it for. Interest at 11% over 30 years is larger than the principle.

They did not hold the house very long :)

Why not refinance when rates decline?

If they fall within the lifetime of the loan. 11% interest rates werent a one year thing.

That being said, I keep forgetting refinancing is one of the great American blessing we dont enjoy elsewhere. And Ive refinanced twice already :D

exactly!!

i would rather pay less for the house.

You can get cheap houses in the US if you’re willing to live outside select cities. If you’re an IT guy with potentially little impact on your salary.

That being said, we’re in this weird regime where interest rates set the market price of homes (since people can only afford $x/month no matter the interest rate with no wiggle room)