Ours was 12.5% in the 90s for a 15 year. Asked if we could get lower by shortening the timeline but they had to nerve to ask for 13-something and penalties. It was easier to just wipe out our savings and pay it off that day to end the headache.
People were getting 30 year mortgages which ended up costing them double or more the original price of their homes. Back in the 50s, people had parties when they paid off their mortgages. That’s just dumb.
Why, I love parties.
Bought in August of 1988, 30year
Refinanced in 1992 @6% 15 year
Saved 242k
House now paid off