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The mortgage I got (FHA) in July of 2008 was 6.25%. The house I grew up in, had a mortgage at 9%, and was only that low because my parents won a contest at the
by fatnoah 4y ago
The mortgage I got (FHA) in July of 2008 was 6.25%. The house I grew up in, had a mortgage at 9%, and was only that low because my parents won a contest at the local bank.
- jnwatson 4y agoBack in the day many mortgages were “assumable”, like taking over someone else’s car lease. That’s the only way my parents could afford to buy a home in 1981. Interest rates were above 15%.
- listenallyall 4y agoOn the other side of the coin, you used to be able to earn 6, 7, 8%, maybe even more, just by parking money in a savings account. I'd love to find a bank today offering even just 3%.
- quickthrowman 4y agoWait a few months and you’ll see 3% again, savings acct interest rates are usually a few bps below the federal funds rate.
- fatnoah 4y agoTrue, I was getting 5% interest on my checking account.
- SilasX 4y agoAnother interesting landmark: there’s a Law & Order episode from 1996 where they suspect that a judge’s 5% fixed mortgage is a bribe because, as the detective notes, “I had to get on my knees just for a seven percent adjustable.” https://subslikescript.com/series/Law__Order-98844/season-6/episode-4-Jeopardy https://subslikescript.com/series/Law__Order-98844/season-6/...