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Started By
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re: Buyers Backing Out On Homes Due To New Rates
Posted on 3/31/22 at 12:34 pm to Catchfalaya
Posted on 3/31/22 at 12:34 pm to Catchfalaya
Was this a surprise?
It was a good run there for my realtor friends and home prices. We moved last year because eventually the decade of prime rate being near zero was coming to an end. Theres a whole generation who has never heard of 9% mortgages. But that was the norm for my parents generation.
It was a good run there for my realtor friends and home prices. We moved last year because eventually the decade of prime rate being near zero was coming to an end. Theres a whole generation who has never heard of 9% mortgages. But that was the norm for my parents generation.
6
Posted on 3/31/22 at 12:37 pm to LSUnation78
Thing is back in your parents time a house worth $400,000 today was only $200,000 then. Making it that much harder for people today to qualify at 5% rates. Housing market bout to come to a complete halt I’m afraid.
Posted on 3/31/22 at 12:38 pm to LSUnation78
My FIL loves telling horror stories of having two mortgages of 10% or more simultaneously in the 80s.
Posted on 3/31/22 at 1:07 pm to LSUnation78
quote:
Theres a whole generation who has never heard of 9% mortgages. But that was the norm for my parents generation.
I’d pay 15% if I could buy my childhood home for what my parents bought it at
Posted on 3/31/22 at 1:53 pm to LSUnation78
Imagine it being the 80s with 15-18% rates
And people balk at 4% lol
And people balk at 4% lol
Posted on 3/31/22 at 2:44 pm to LSUnation78
quote:
Theres a whole generation who has never heard of 9% mortgages. But that was the norm for my parents generation.
My parents have talked about how their friends were astonished that they got an 8.5% mortgage rate in 1976 when the typical note was going for around 12.5%.
Those days will be back soon under Biden.
This post was edited on 3/31/22 at 2:44 pm
Posted on 3/31/22 at 2:55 pm to LSUnation78
Try 12.75% in 1984 with a refinance in 1987 at 9.375%.
I remember. Eff demorats.
I remember. Eff demorats.
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