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re: interest rates on home mortgages wont fall anytime soon
Posted on 7/25/23 at 3:47 pm to jizzle6609
Posted on 7/25/23 at 3:47 pm to jizzle6609
quote:
Mortgage rates were much higher in the 80's so anyone born in the 70's or before does not care that people are carrying a 7% mortgage now.
Maybe rates were higher but all houses were like 15k back then. You could work a summer job and pay cash for it
1
Posted on 7/25/23 at 5:13 pm to el Gaucho
You are delusional. My first house, about 1400 square feet cost roughly $65000 and I had a 12.75% interest rate. Rates stayed high for at least ten years and housing values did not change much because few could afford to buy with those rates. The house payment took up about 50% of my net income.
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