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Author Topic: Rock Bottom Rates - 1985  (Read 1511 times)

Offline pianoman9701

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Rock Bottom Rates - 1985
« on: April 05, 2022, 08:59:06 AM »
People are freaked out about mortgage rates, even though historically, they're still quite low. Check these out from 37 years ago.
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Offline RB

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Re: Rock Bottom Rates - 1985
« Reply #1 on: April 05, 2022, 09:23:33 AM »
Holy cow!  :yike:

Whats a payment like at 12 percent on $400K? That seems to be the normal price lately.
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Re: Rock Bottom Rates - 1985
« Reply #2 on: April 05, 2022, 09:29:16 AM »
Maybe houses will drop to $75k again too  :chuckle:

Offline bearhunter99

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Re: Rock Bottom Rates - 1985
« Reply #3 on: April 05, 2022, 09:37:02 AM »
"Most approvals within 3 weeks"   :chuckle:  Speedy....
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Offline pianoman9701

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Re: Rock Bottom Rates - 1985
« Reply #4 on: April 05, 2022, 09:46:46 AM »
Holy cow!  :yike:

Whats a payment like at 12 percent on $400K? That seems to be the normal price lately.

Approximately $4708.00/mo at 12.25%, with 19K in closing costs and prepaids taxes, interest, and insurance
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Re: Rock Bottom Rates - 1985
« Reply #5 on: April 05, 2022, 10:12:37 AM »
My neighbor bought his house back then, said he could barely make the payment between him and his wifeís pay with no kids.

No itís all paid for obviously worth a whole lot more.🤣
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Offline pianoman9701

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Re: Rock Bottom Rates - 1985
« Reply #6 on: April 05, 2022, 10:15:46 AM »
My neighbor bought his house back then, said he could barely make the payment between him and his wifeís pay with no kids.

No itís all paid for obviously worth a whole lot more.🤣

And the purchase price was probably between $60-80K. You can't buy a pole barn for that now.
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Offline Colville

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Re: Rock Bottom Rates - 1985
« Reply #7 on: April 05, 2022, 10:23:30 AM »
Going to cool off after we get a couple points built back into the system.  Every point either removes a buyer from the market or makes them aim lower... which is really hard to do with the median price of a home in Snoho or King Counties.  The rates can be still historically low, but he run up in values remains. I doubt in our region we see negative price movement, but we'll stop seeing 15%.  My home is up 120% in 6 years.

Offline pianoman9701

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Re: Rock Bottom Rates - 1985
« Reply #8 on: April 05, 2022, 10:33:14 AM »
Going to cool off after we get a couple points built back into the system.  Every point either removes a buyer from the market or makes them aim lower... which is really hard to do with the median price of a home in Snoho or King Counties.  The rates can be still historically low, but he run up in values remains. I doubt in our region we see negative price movement, but we'll stop seeing 15%.  My home is up 120% in 6 years.

New home purchases have definitely slowed. Values should stabilize but because inventory is still nonexistent, I personally don't see them decreasing. Just a guess. I don't have crystal balls.
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Re: Rock Bottom Rates - 1985
« Reply #9 on: April 05, 2022, 10:33:57 AM »
It won't be long and we will back at those rates.  The 30 fixed went over 5% today following Brainard's remarks.  Next stop 10% ?  Higher?

"It is of paramount importance to get inflation down. Accordingly, the Committee will continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting."




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Re: Rock Bottom Rates - 1985
« Reply #10 on: April 05, 2022, 10:44:58 AM »
First home purchased in 2002 at 6.25% rate so still some room to go.  Definitely has some impact on current home prices but softened some by bank portfolios buying arms with 3% handles.

InflationÖ

There was far too much free money pumped into the system.

There is no free lunch.  Time to pay up and feel the pain on the way out.

Hopefully the supply chain inflation due to Covid and war normalizes to offset the impact of the unnecessary stimulus caused inflation.


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Re: Rock Bottom Rates - 1985
« Reply #11 on: April 05, 2022, 11:25:29 AM »
THIS, irritates me so much with my current home construction loan.  Builders have taken so long I've missed all the good rates.  Was supposed to be finished and delivered last Aug......hopefully by the end of this month!   Yes I know still good rates when compared historically, but damn!!
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Re: Rock Bottom Rates - 1985
« Reply #12 on: April 05, 2022, 11:57:03 AM »
We bought our house, new from the builder, in spring of 1979.  The interest rate on a 30-year fixed mortgage was 11%.  A little over two years later, in the fall of 1981, the interest rate on a 30-year fixed peaked out at around 18.5%, and a lady I worked with bought a house at that rate.

Mind boggling !!
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Offline pianoman9701

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Re: Rock Bottom Rates - 1985
« Reply #13 on: April 05, 2022, 11:57:36 AM »
THIS, irritates me so much with my current home construction loan.  Builders have taken so long I've missed all the good rates.  Was supposed to be finished and delivered last Aug......hopefully by the end of this month!   Yes I know still good rates when compared historically, but damn!!

Fred, speak to your mortgage broker about lock & shop for up to 90 days. You pay a little more in interest now but are protected against the giant swings that people are predicting.
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Re: Rock Bottom Rates - 1985
« Reply #14 on: April 05, 2022, 12:48:21 PM »
 ;)
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