Originally Posted By: Gordon Scott

As a Baby Boomer, I'm always being told how relatively cheap houses were when I bought, but people forget the alarming interest rates we had to pay ... 25%


I forgot how high the mortgage rates were back then. When I got married back in 1984, and it was obvious that I was going to be staying in Mobile, we went house hunting and the mortgage rates were a big factor in what we could afford. I remember that we were just about to pull the trigger on a house with an outlandish rate when a dentist that I supervised at the Health Department told me that he was selling his home that had a transferable FHA loan @ 14% and I jumped on it. Compare that to the 1.5% that I pay now and you realize just how much of our mortgage payments now go into equity as opposed to interest.


Keith
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