Mortgage Rates in the U.S. Soar to the Highest Since March 2020 (3.45% Nominal Rate, -3.59% REAL Rate)

Confounded Interest ^ | 01/13/2022 | Anthony B. Sanders

[oh8eleven]

I remember all too well. I bought a house in 1977 and had a 7% mortgage.
Three years later mortgages were running 10%-12%. Insane.

[ken in texas]

Quite insane. We were fortunate, we bought in a new area and the builder was offering 7-8-9-10% graduated rate financing. We later refinanced at 7%, and did one final refi at 5.25%.

Chasing rates as they dropped was time consuming.

[MattMusson]

You ain’t seen nothin’ yet!

[JimRed]

Rates on the first rate sheet I saw on the first day I worked in real estate, in May of 1985, for a 30 year fixed rate mortgage were 14.75% with three points. They had recently come down from 17%.