Quote:
Originally Posted by Matt Monson
Not even close. Mortgage rates during Reagan were twice what they are today. And in all but the most smoking hot markets it’s moving from a seller’s market to buyers market with days to sell way up, and offers over asking price largely a thing of Covid times.
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I'm with you Matt!
Back then my first house had a special introductory (discounted) adjustable rate mortgage (ARM) of 12.7%! AND I WAS HAPPY TO GET IT.
The cap was 5%, so if rates went up it would have capped at 17.7%, but they went down very gradually every month. I never felt the need to refinance because at any point in time over 30 years the fixed was more than my adjustable.
Crazy.