When we bought our first house in 1979, we applied for a mortgage when the rate was about 11%. The bank waited for rates to rise, and approved it when they hit 14.625%.
Those were fun years. Thank you, Jimmy Carter.
My Dad, Mr. Doom & Gloom, said that rates would never, never, NEVER fall below 10%.
I’m happy to be paying a 6.125% fixed note.
Thank you, Ronald Reagan.
Bingo!
Everyone buying a home at that time will feel that for many, many, many reasons Jimmy Carter was the worst president this country ever had, including this one. Especially since we came from homes where our parents may have paid what? Maybe a 3% interest rate on a mortgage. Way to let things spin out of control, Jimmah!!!