First Mortgage Interest Rate
 

During a recent intelligent discussion (yeah right) at one of the local bars we discussed the interest rates on our first mortgage. Mine was 7.4% in 1970 for a 30 year. Purchased for $19K and sold 10 years later for $40K. Ah, the good old days. What was yours?

Last one we had in Va about 25 years ago was 7 1/8.

In August of 1967 I assumed a 5-1/4% loan on a house in Alexandria, VA for which I paid $27,000.

Mortgage
 

Had 3 different mortgages in the 80's, all at 8 1/2%.

First house at about 12%. I also learned the term "negative amortization".

In 1980/81, I was transferred to Washington DC and was "happy" I could a VA loan with an interest rate of 11.25% or 11.75% (don't remember exactly.

I do not remember the rate of the first house, the second one (1979) was 4.25%, but the current one (2013) is 3%, love it.

My first house was in 1969, I can't remember the rate but the payments were $90/month, I paid $15,000 for it and sold it in 76 for $15,000, wrong neighborhood. From that point on I had residential mortgages as high as 14% and on industrial properties as high as 19%.

First one in 1991 was 9.25%. Have two currently, 2.75% and 2.875%

13.5% in spring of 1980, refied at 10.5 in 82, thought I was doing good! At the time you thought rates would never come down

Current mortgage?

My first mortgage was an 11% VA loan around 1985.

Can’t remember what the mortgage rate was on the first house I bought by myself after my first marriage. I was just glad I could get that mortgage — by myself — for my very own $25,000, 3 BR, one bath, brick ranch.

Second house was with the current — and for always — Mr. Boomer. That one was a VA at 10%, in late 1979, for a 3BR, 2 bath (yay!), brick ranch………

To this day, I can remember being on the phone, hunting down mortgage rates. I was calling bank after bank — where they must have just started to rev up, reaching the double digits. It seemed like those rates were changing by the minute. I worked those phones like crazy, looking for the best rate. We even had a down payment, but things had just started to unravel I guess and every 1/4 of a percent mattered to us. Finally, we decided to try the VA. We were thrilled to find that 10% rate.

Ah, the 80s…….. but, hey, I had a CD with Boomette’s future tuition money in it at a rate of 17%. I was pretty much still a kid myself then, but I knew that 17% was messsssssed up. But I sure took it.

Here I am now 9 houses later and I have to laugh a little when people whine about 5% mortgages. I sure would like to have a 5% CD though, but we are not likely to see those anytime soon, if ever. ‘tis a mess they got us in — been going on for years and years……….

Boomer

Ours was 12 3/8 and we thought it was great. It was at the height of stagflation. But we were newlyweds and still had the rose-colored glasses.

First home in the 70's was 8 plus a 1/2, then that fateful year 1981 move to CA 750 Sq ft home, interest rate 17.9%...