4 ms·
My parents bought our first house in 1979 and they said the interest rate was 12% I bought my house in 2002 and had a 6.5% interest rate. That was the lowest
by lizknope 4y ago
My parents bought our first house in 1979 and they said the interest rate was 12%
I bought my house in 2002 and had a 6.5% interest rate. That was the lowest rates had ever been at least going back to 1970. A year later I refinanced down to 5.5% and then in 2010 down to 3% before paying it off a few years later.
So yeah 5.78% is higher than the rates of the last 15 years but historically it is still quite low.
- AnimalMuppet 4y agoMy parents' mortgage in 1966 was at 4.875%, if I recall correctly.
- leekh 4y agoYeah, but look at the case-shiller or the house price to avg incomes[1] Back in the 80's homes were 4-5x the avg income 2002 5-6x Now 8-9x I rather buy something on 12% that's 4x my income than what my option is today. [1] https://www.longtermtrends.net/home-price-median-annual-income-ratio/ https://www.longtermtrends.net/home-price-median-annual-inco...