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Real Estate
Reply to "Mortgage rates are set to stay elevated"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Elevated? These aren’t elevated. We just returned to normal. [/quote] Mortgage rates have been ridiculously depressed since the Great Recession. People just thought that was some version of normal.[/quote] This is what amazes me. Who, prior to 2012, had a 2.75% interest rate? I bought my house in 1999 and my interest rate was 7%. My parents bought a house in 1975 and the rate was 9%. (some historical data: https://www.bankrate.com/mortgages/historical-mortgage-rates/) The problem is the relatively normal interest rate applied to very high house costs. Although that too has happened several times in my adult life time. The price of the house that I bought in 1999 was $150K. I sold it 6 years later in 2005 for over $300K. [/quote]
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