Too Low Then Too High
Back in 1990 I was going to real estate school. A retired gentleman who had been in real estate for over 20 years was
chatting about various aspects of the profession and relating some of his experiences. A couple of days later he brought me a small book “” that was printed in the 1960’s. He indicated that every realtor needs to carry one of these in their pocket to be in a position to quickly tell potential buyers what their mortgage loan payments would be. The book listed mortgage interest rates and payments for up to 10%. Unfortunately at the time 30 year fixed rates were over 10%. Not to worry, he said rates will be going back down again in years to come. But for now the rates in the book are too low! Since I have other ways of getting information on mortgage payments for buyers, the book has been sitting in my desk drawer all these years. When I pulled it out recently, I noticed that the lowest rate given is 4 ½ % so now the rates given are too high! Not to worry, mortgage interest rates will rise again to make the book relevant. Or maybe some collector will buy it on ebay?
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