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Any OT'ers bought a home in the 1980's?
Posted on 3/3/22 at 2:01 pm
Posted on 3/3/22 at 2:01 pm
My father in law said he paid 17% interest on his home he built for $38K back in 1984. Is he full of shite or is that about correct?
If so, no wonder my parents didn't buy a house until 1995. A $38K home at 17% interest is $550 not including property tax and insurance. I remember my mom writing a rent check back in 1989 for $150 and that was a pretty big 3bdr/2 ba home.
If so, no wonder my parents didn't buy a house until 1995. A $38K home at 17% interest is $550 not including property tax and insurance. I remember my mom writing a rent check back in 1989 for $150 and that was a pretty big 3bdr/2 ba home.
48
Posted on 3/3/22 at 2:02 pm to cheobode
Posted on 3/3/22 at 2:02 pm to cheobode
He's telling you the way it was. I remember my parents buying house in the early 80s and they were very pleased to get a loan at 13%.
Posted on 3/3/22 at 2:04 pm to cheobode
Here's a graphic describing historical mortgage rates:
Link to Website (StLouisFed.com)
Link to Website (StLouisFed.com)
This post was edited on 3/3/22 at 2:05 pm
Posted on 3/3/22 at 2:04 pm to N.O. via West-Cal
quote:
He's telling you the way it was. I remember my parents buying house in the early 80s and they were very pleased to get a loan at 13%.
Now I know the reason he had to work 3 jobs. That's insane.
Posted on 3/3/22 at 2:05 pm to cheobode
With the inflation we're seeing now, the Federal Reserve is about to ask someone to hold their beer.
Posted on 3/3/22 at 2:05 pm to cheobode
quote:
My father in law said he paid 17% interest on his home he built for $38K back in 1984. Is he full of shite or is that about correct?
It is possible. Rates were in the teens.
This post was edited on 3/3/22 at 2:09 pm
Posted on 3/3/22 at 2:05 pm to cheobode
After my parents died, I found the closing docs on the house they bought in 1972. Interest rate was around 19% I think.
Posted on 3/3/22 at 2:05 pm to cheobode
I bought a home in 1984 for $78K, I was able to assume a 14.5% fixed mortgage from the seller, at the time it felt like I stole the house.
Posted on 3/3/22 at 2:05 pm to cheobode
Yeah at one point in time borrowing money was a big deal, reserved primarily for those who could afford it, i.e. already had some money saved and a steady income.
Now with money being given away at every turn, interest rates have no choice but to be near zero.
Now with money being given away at every turn, interest rates have no choice but to be near zero.
Posted on 3/3/22 at 2:06 pm to Salmon
quote:
Historical trends show that a "lower for longer" rate cycle is projected for the future"
Great, now mortgages are going the way of vehicle financing.
45 and 60 year home loans in the near future.
"Don't care what the house price is. What's my note going to be?"
Posted on 3/3/22 at 2:06 pm to cheobode
interest rates got super high during the Carter administration, too high, but back then almost everything was tax deductible too
Posted on 3/3/22 at 2:07 pm to cheobode
My first home (1992) was at 8%.
Posted on 3/3/22 at 2:08 pm to cheobode
We bought a house last year and talking to my boss, she bought her first house in the 80's at 13%.
Posted on 3/3/22 at 2:09 pm to cheobode
The last 14 or so years have been a time of incredibly low interest rates. Not saying the 70s are the norm either but neither have these rates. They'll be heading back up now.
Posted on 3/3/22 at 2:10 pm to cheobode
Fixed rates topped 18% in 1981 and were down to about 10% by 1985 and 9% by 1989.
I bought a home in 1984 at 10.1% with 20% down.
I bought a home in 1984 at 10.1% with 20% down.
Posted on 3/3/22 at 2:10 pm to cheobode
He aint lying. We bought a house in Youngsville in 82. Paid $57k. Interest was around 15-17%. Good times
Posted on 3/3/22 at 2:10 pm to jimmy the leg
Bought my first home in 1988. Had 20% down, so was able to get a deal at 11 7/8%. 14% if I didn't have the 20%. That's why I feel even if interest goes up now a point, its still cheap money...
Posted on 3/3/22 at 2:10 pm to cheobode
13.5
Posted on 3/3/22 at 2:11 pm to cheobode
We need interest rates now close to that to stop this self-inflicted inflation
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