My dad sent me this and I got a chuckle

LOL.

I get heartburn knowing that my first mortgage in 2005 was 5.75

That's just pure greed for something that is immobile. What was the basis for having rates that high?

Well, 2% is considered a good interest rate in a saving account today. So joke's on us.

That ain’t shite. Mine in 1993 was 7.5.

quote:

---

That's just pure greed for something that is immobile. What was the basis for having rates that high?

---

So banks are just far less greedy today?

A house was like 30gs in the 80s tho.

My first 30 year fixed rate mortgage was 10.5%. That was in 1986. I was SO happy to get something below 11%. When I eventually got into single digits with later mortgages, I was elated. Today that blows peoples' minds. But when my parents sold some cattle in the late 70s/early 80s, my mom put the money in CDs that yielded 12%-15%. Hell I bought a 12 month CD with my summer job money in college from Old Court S&L in Maryland (I remember, because they went under and were a "featured institution" during the S&L crisis) and it was still around 14% in '84.

Does anybody here remember ARMs with negative amortization? Yeah, those were some "great" products.

I understand that was market price at the time, but why? An "asset" that doesn't move and is a necessity in life shouldn't have that high of an interest rate, imo. What were the rates on new cars then?

You're right. I'm just trying to understand how a bank/mortgage broker could tell someone with a straight face that a house interest rate is double digits. About to close on my 3rd house since 2004 and the rate will be around 4%. We haven't gone over 5% on any of them.

quote:

---

Refinanced to 4% 15 years two years later , but then I got married.....

---

No good deed goes unpunished.