What did you pay in interest when you bought your home, was it 30 fixed and what year?

[LuvOrlando]

The news is acting like the sky is falling and I literally laughed out loud yesterday at because I remember paying about 8% in the mid 90's and being thrilled enough to refi when it dipped to around 6%, it never dipped below in value.

We felt very lucky because I have a cousin a little bit older than me who bought when prices were high. She and her DH went with variable in the 80's to save money when fixed were around 15% & ended up caught up paying around 18% or more when the prime + stuff kicked in. To make it worse, when housing costs dipped they couldn't sell because they barely scraped principal so they were stuck tied to a beast they couldn't escape.

Got me to thinking about other people and what they paid and when. Did your home eventually recover value? Mostly just curious since there seems to be a solid cross section of age, location and means on here.

 

[Colleen27]

Our one and only mortgage was 6.75% on a 30-year fixed in the early '00s. We didn't pay too much for that house according to prices at the time, and were thrilled to get a 3 bedroom for <$100K, but it lost almost 80% of its value in the market crash. The buyers after us got it for $22K! I'm sure it is back up to what we paid and then some by now, though, if the trend on our current home is any indication.

My son bought last year and I think his rate is 2.75% with similar (not bad but short history/just starting out) credit as we had when we first bought. He paid 50K more for his house than we did all those years ago, but his payment is lower.

 

[Stratman50th]

We bought our lot in 2015 with no plan to do anything till after we retired. I started working remote in 2016 and my wife retired early around October that same year. We contracted our builder and they got started in January 2017. We sold our house in MD and we're able to pay cash as the new house was being built. After our house sold we ended up living in our RV here in Florida for several months while our house was being finished. Long story but thankfully no mortgage on this house.

 

[LuvOrlando]

80% loss, that's brutal, I think this is the highest I've ever heard of, was this very rural Colleen27?
Our home is in the suburbs mid price range for the area so it held fairly stable value.

Stratman50th, good for you & very smart thinking to buy a lot early like that, can weather anything if your house is owned outright.

 

[mickman1962]

First one 16% latest 2.8

 

[WDWEPCOT]

Had 9% in early 90s 30 year fixed / refi down to I believe 4% 15 year at some point
When market crashed we lost $30,000 in equity / before we moved there were 15 house foreclosed out of 48 in my subdivision
I should have moved a lot sooner than I did
Current house 3% 30 year - will more than likely move when retire - house is in brand new subdivision being built so waiting for it to be finished for values to settle - currently they are like a roller coaster

 

[Moliphino]

I think it's about 3.6%? I don't remember if it was 3.625 or 3.25. Purchased at the end of 2019.

 

[peabody58]

1st home 1985: 12.5% 30 yr Fixed.
Sold 1st home bought 2nd home 1990: 8.9% 30 yr Fixed.
2nd home refinanced 1996: 6.4% 30 yr fixed.
2nd home paid off 2007, then remortgaged 2010: 5.8% 30 yr fixed.
3rd home - future retirement home 2014 (still had 2nd home): 2.5% 5 yr ARM.

2015 - retired sold 2nd home, payed off 3rd home 2017. No more mortgages to deal with. We consider our 100% home equity as our Long Term Care investment (a lot cheaper than a LTC policy).

 

[ronandannette]

Our current home was bought in 2014 and the rate was 2.25% on a 5-year fixed term amortized over 25 years. We’ve done pretty well whittling it down by regularly paying extra. When it renewed in 2019 we took the same terms but the amortization was down to 14 years. When it renews again in 2024 (Lord willing rates stay low) it should be down to 9 years or so, at which time I can start to realistically plan a retirement strategy.

 

[disneychrista]

2009 30 year fixed at 5%. Refinanced in 2011 30 year fixed at 3.5%.

 

[aprilchem]

I think we got around 4% about 12 years ago. We just paid our primary home off (had a 15 year mortgage and paid it off early). We bought our vacation home in 2019 and our interest rate is 3.25 on a 30 year mortgage.

 

[kdonnel]

I believe we are headed towards those mid 1980's loan interest rates. The current housing bubble is due to burst.

The good news is you will be earning 5% on your savings account again instead of the .01% today.

 

[sheilafri]

We assumed a mortgage in 1981 at 14% and were over the moon at such a good deal. I think our lowest rate was around 5 1/4%.

 

[soccerdad72]

Honestly don't remember - it was 1997, so I think it was like 7-8%, 30 year fixed. We sold that house in 2003 and built new (in a subdivision) and we're still in that house now, thankfully fully paid off.

 

[bjscheel]

Summer 2001, 30 year fixed 7.75%
Refinanced a few years later 4.75%

 

[tennisfan]

In UK it is rare to nearly impossible to fix for anything over 10 yrs. Bought my house is 2011 on tracker mortgage with rate of 2.79%. Fixed it 6 yrs ago on 5yr deal of 2.48%. New 5 yr deal last year is currently 1.99%. House is worth approx £125K more than what I paid for it 11 yrs ago

 

[Cadiewampus]

Honestly don't remember - it was 1997, so I think it was like 7-8%, 30 year fixed. We sold that house in 2003 and built new (in a subdivision) and we're still in that house now, thankfully fully paid off.

Isn't that the best feeling when your house is paid off? Of course I found plenty of other things to spend that money on.

 

[Kimkimba]

First house was 10.5% 30 year fixed in 1987.

 

[LuvOrlando]

In UK it is rare to nearly impossible to fix for anything over 10 yrs. Bought my house is 2011 on tracker mortgage with rate of 2.79%. Fixed it 6 yrs ago on 5yr deal of 2.48%. New 5 yr deal last year is currently 1.99%. House is worth approx £125K more than what I paid for it 11 yrs ago

So you guys are stuck with variable rates on homes older than 10 years? That's interesting, when you say 5 year deal do you mean a 5 year arm that will be fixed the first 5 years then go variable? Are you paying all closing costs each time you renew?

 

[Pea-n-Me]

Late 80s 11.5% fixed w PMI.