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Thread: Real Interest Rates at a New Low

  1. #11
    Senior Member rosarugosa's Avatar
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    Quote Originally Posted by jp1 View Post
    I can certainly testify that interests rates are low. As I mentioned in housing, our offer on a home was just accepted. The quoted interest rate for our 30 year mortgage is 2.99%.
    For comparison, when we bought our house in 1985 the interest rate was 13.125%.

  2. #12
    Senior Member jp1's Avatar
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    Quote Originally Posted by rosarugosa View Post
    For comparison, when we bought our house in 1985 the interest rate was 13.125%.
    I just put both interest rates in a mortgage calculator. At 13.125% our monthly payment would be 2.6x what it is at 2.9%.

  3. #13
    Simpleton Alan's Avatar
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    Quote Originally Posted by rosarugosa View Post
    For comparison, when we bought our house in 1985 the interest rate was 13.125%.
    You've got me beat! When we bought our first house in 1979 our rate for a VA loan was 10.5%. I thought that was brutal.
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

  4. #14
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    Some of the forces that created the monetary misery of the seventies and early eighties seem to be re-emerging.

  5. #15
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    We had a 14% interest rate when we bought our first house.

    But we could get 5% interest on cash in the bank, and treasuries at 11%. Wish I had known more about money then.

  6. #16
    Senior Member catherine's Avatar
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    Quote Originally Posted by rosarugosa View Post
    For comparison, when we bought our house in 1985 the interest rate was 13.125%.
    We bought our first house in 1980 and the interest rate was over 13% also! Those were tough times for homebuyers! My GI house is 3.25%, 10 pos less.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  7. #17
    Senior Member iris lilies's Avatar
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    Kids these days! They got no concept of 14% mortgage rates.. They be ignorant of hard times! Ha ha, but true

  8. #18
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    Quote Originally Posted by Alan View Post
    You've got me beat! When we bought our first house in 1979 our rate for a VA loan was 10.5%. I thought that was brutal.
    Same here. Talked to MIL and wrote out a contract paying her more interest than she could get at the bank and less than we would have to pay. She was ticked when interest rates went down and we paid it off. She thought we should continue paying her more?????

  9. #19
    Senior Member iris lilies's Avatar
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    I got a first time buyer cut interest rate through some city program. It was at least 11%, I think it 11 1/2.%


    I remember looking at a piece of real estate that had an assumable loan for 16%.

  10. #20
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    Quote Originally Posted by iris lilies View Post
    Kids these days! They got no concept of 14% mortgage rates.. They be ignorant of hard times! Ha ha, but true
    Makes you wonder what will happen when the bubble bursts, and the realization dawns that a price must be paid for that ocean of artificial liquidity. Obviously, we won’t want to accept our own role In what is ultimately a disconnect between consumption and productivity, and will need to identify scapegoats. I wonder who we will choose? The financial industry? A shadowy oligarchy and their meretricious minions? Some wicked top percentage? Free lunch governance? White privilege? The Fed? The Gnomes of Zurich?

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