Mortgage Rates jump to 7.22%

[DudleySmith]

but sugar plum .. how much did that 80’s house cost?

$55,000 in the 1980's was considerably more than it is in 2023 dollars, so there is that. So would the comparative interest rates be paid in higher value dollars. I bought 3 houses, along with around 20 acres in the center of a block zoned agricultural for tax puproses, after the Reagan scam broke and crashed the markets for what one cost two years earlier.

 

[Rust_Cohle]

My first home bought in the 1980s mortgage interest rate was 13.5%,

My next home bought 15 years later... the mortgage interest rate was 8.0%.

My third home bought 10 years later, mortgage interest rate was 0%...we paid cash for it from the profit of the 2nd home sale!!! (We were lucky and bought the home low, and sold it in a high real estate booming market)

Mortgage rates have been much higher and can go much higher!

It sucks wind!

But, we've lived through it before, and will likely again!

And in 1980 what was the total price on your home? Bet it was under or near 100k

Go look what prices are now and monthly mortgage payments

 

[Rust_Cohle]

I bought my house back in 1982 when St Reagan was president. The interest rate was 9.5%.

So quit your whining.

Here's another dumbass, ok same question to you

What was the total price of your home in 1982 what is it today

Yeah stfu boomer

 

[Rust_Cohle]

Only $55,000! It was a 3/2 townhouse, in Florida when homes were cheap! My hubby was a medical technologist , recent college grad, and was paid $400 a week, $10 an hour....and we thought he scored big time with his new job!

Yes, homes were a lot less, but we made a lot less....

And the whole point of raising interest rates is to slow inflation or reduce inflation....

Prices on homes should be coming down, if fewer people can buy them due to higher interest rates.... Yep, it is a slow process and stinks if you are in the market right now for a home...

But the one thing my older age has brought, is hindsight! We will make it through this, just as we have in other tough times.

The glass is half full, the glass is not half empty!

13.5% on 55k LOL yeah like I thought no fookin comparison

A 3 bed 2 bath home now is 320k I know cause that's why my home is worth

 

[Rust_Cohle]

My first mortgage was during Reagan at ten percent.

Again how much was your home, numbnuts?

 

[Rust_Cohle]

how did people ever survive for those 30 plus years straight where rates were higher than they are now?

View attachment 802203

Because home prices then weren't 300-500k for starter homes. Don't play dumb

 

[Rust_Cohle]

Don't mean to marginalize it....just saying when the going gets tough, the tough get going.... Americans usually work their way out of it.... the world is not going to end.

When inflation is in check and interest rates come down, those with high interest loans will refinance down to a lower interest rate, and those who could temporarily not afford a home, will afford one again. Those are just facts.

Typical attitude from a Boomer who has theirs and fuck everyone else

 

[Markle]

Wasn't it only a 20 year mortgage back then and 30 year loans were non existent?

No, my career as a Realtor began in March of 1974. Thirty-year mortgages were the most popular home loan.

The lesser known fact is that a 15 or 20-year mortgage is not that much more costly in monthly payment and saves the borrower tens of thousands of dollars in interest over the term.

 

[Harpy Eagle]

Because home prices then weren't 300-500k for starter homes. Don't play dumb

and the median salary in 1980 was 21 grand a year as opposed to 89 grand.

 

[Care4all]

Typical attitude from a Boomer who has theirs and fuck everyone else

Funny that you don't consider my 13.5% mortgage and 8.0% mortgage that I had to endure as being fucked. Crybaby, entitled, crap from the young, just don't cut it, with the old and wise....

 

[hadit]

I had steak last night.

And paid more for it than I did just 3 years ago.

 

[Harpy Eagle]

And paid more for it than I did just 3 years ago.

and 3 years ago they paid more than the 3 years before that, and the 3 years before that they paid more than the previous 3 years.

Prices eternally go up, it is one of the facts of life

 

[Mikeoxenormous]

So much for the poor and minorities owning homes. I wonder if the government will push for more homeowners like we did before. We are seeing an increase in homelessness, so I wonder what solution government will make up?

To achieve equality amongst the masses, they will turn everyone to be the same, poor and miserable. That is Socialism in a nutshell.

 

[Mikeoxenormous]

Don't mean to marginalize it....just saying when the going gets tough, the tough get going.... Americans usually work their way out of it.... the world is not going to end.

When inflation is in check and interest rates come down, those with high interest loans will refinance down to a lower interest rate, and those who could temporarily not afford a home, will afford one again. Those are just facts.

Back in the day, that was true, but with the pussification of everyone, there is no tough anymore. And they dont dare show their faces, because then the Marxists go crazy.

 

[Mikeoxenormous]

$55,000 in the 1980's was considerably more than it is in 2023 dollars, so there is that. So would the comparative interest rates be paid in higher value dollars. I bought 3 houses, along with around 20 acres in the center of a block zoned agricultural for tax puproses, after the Reagan scam broke and crashed the markets for what one cost two years earlier.

what market was that?

The Real Reagan Economic Record: Responsible and Successful Fiscal Policy

See also: The Truth About Tax Rates and The Politics of Class Warfare by Daniel J. Mitchell, Ph.D.

www.heritage.org

 

[Mikeoxenormous]

Funny that you don't consider my 13.5% mortgage and 8.0% mortgage that I had to endure as being fucked. Crybaby, entitled, crap from the young, just don't cut it, with the old and wise....

under carter it was 18% stop bitching..

 

[Harpy Eagle]

under carter it was 18% stop bitching..

That was under Reagan.

 

[hadit]

and 3 years ago they paid more than the 3 years before that, and the 3 years before that they paid more than the previous 3 years.

Prices eternally go up, it is one of the facts of life

And in times of high inflation, they go way up.

 

[Rust_Cohle]

and the median salary in 1980 was 21 grand a year as opposed to 89 grand.

21 grand to 55 grand for a home = easily livable

89 grand to 400-500k for a home = much more difficult

 

[Rust_Cohle]

Funny that you don't consider my 13.5% mortgage and 8.0% mortgage that I had to endure as being fucked. Crybaby, entitled, crap from the young, just don't cut it, with the old and wise....

Not when you're home price is 55k try 13.5% on a 400-500k home

And your 8% how much was that home

Simple fact is you boomers don't get economics and you assholes fault we're in this position