Would you pay 18% to buy a home?

Real Estate Agent with eXp Realty

Mortgage Rates Rise Aug 17, 2012Would you pay 18% to buy a home?

I almost have to chuckle when I see the Headline of: "Mortgage Rates rise to 3.62%" Oh, no, that high?! How about paying 18% in the early 80's?! It's almost impossible to comprehend such a high rate which is why seeing our current August 17, 2012 rates being reported as rising, it's as if, you're being given money for free to buy a home when you compare it to the early 80's.

Think about it ... 3.62% or 18%. No wonder sales have been increasing. Now we just need more homeowners to list their homes for sale - Are you selling your home? With, these rates, you should have Buyers lined up at the front door!

This reported rate increase is the third week of mortgage rate increases yet we're still at record lows. The low rates have obviously been a huge factor in sales increasing to assist in seeing some Real Estate Market recovery. However, these lower rates only keep the market from crashing into deeper depths. Much progress is still needed.

This is just a reminder to be thankful for these low rates even when you hear reports of rates rising.

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Stuart Dobson
eLoanRates.org - Thornton, CO

It's funny that people stress about even a 5% mortgage rates these days when you look back 30 years and see 16-18% rates that people used to pay.  And shockingly, people bought homes then too.  Thank you for the reminder that our rates today are excellent by comparison.

Aug 17, 2012 08:03 AM #1
Catherine Ulrey
Keller Williams Capital City - Salem, OR
Equestrian and Acreage Property Specialist

I can remember thinking that rates couldn't go any lower when they were 5%!  

Aug 17, 2012 08:24 AM #2
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida

Stuart, I know....isn't it incredible. You're right as 5% is real good too!

Catherine, we're border line free now!

Aug 17, 2012 10:33 AM #3
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

My dad tells me about the pride he felt securing a mortgage for only 13%. Of course he had to pay points to get that low, but it was still a great rate. Take everything in perspective!

Aug 17, 2012 10:51 AM #4
Jim Patton
Aspire Home Real Estate 209-404-0816 - Modesto, CA
Realtor - Stanislaus ,Merced, San Joaquin Counties

Lynn - I bought my first home in 1984.   We assumed (remember doing that?) a mortgage at 13% and had a second of 15%.   So today's rates are CHEAP! 

Aug 17, 2012 11:52 AM #5
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional


I had a thirty year mortgage at 18% in th early 80's ... and the payments were ridiculous, but what could you do but pay it?

Aug 17, 2012 01:44 PM #6
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Yes, the rates are amazing especially when you put this in context of how things used to be.  Incredible.

Aug 17, 2012 07:03 PM #7
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida

Doug, exactly right...taking it all in perspective.

Jim, see you know what I'm talking about as today's rates are CHEAP indeed! I bet you thought your rates were pretty good back them?!

Richard, you lived it and ouch, I can imagine the payments but you're right; what was your choice?

Debbie, yes it just blows my mind! Under 4%! WOW!

Aug 18, 2012 03:33 AM #8
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