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Honestly I'd much rather have had a high rate back then as it meant home prices were lower. Now that rates have plummeted that could be refinanced into what mig
by shostack 10y ago
Honestly I'd much rather have had a high rate back then as it meant home prices were lower. Now that rates have plummeted that could be refinanced into what might be quite a decent amount of savings.
- jonknee 10y agoHindsight is always 20/20, but it wasn't an obvious slam dunk to buy a home with an 18% loan. That's like paying for your house on a credit card. It was even more unaffordable then as it is now (on average, obviously individual markets vary--SF is more $$$ and Detroit way cheaper). http://finance.yahoo.com/blogs/just-explain-it/why-mortgage-rates-matter-152241574.html http://finance.yahoo.com/blogs/just-explain-it/why-mortgage-... > Affordability dropped to an all-time low as rates climbed to record levels. Simply put, mortgage rates priced most Americans out of the market, and it took years for home sales to rebound.