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

[mrsheppo]

Bought our house in 2009 for $115k with a 30 year fixed rate of 5.5%. We paid it off in 2020

 

[Jimmy Mouse]

Purchased our current home in 2003 with a horrible 28/2 mortgage. first 2 years were around 7% then it went variable. In 2005 it shot up to around 15%. I refinanced within a month at 8.375 which is bad but better than what I had. I just refinanced balance with no cash out at 2.265 for the remaining 15 years in 2020. We owe around $90k. current home value is almost $300k. I plan on having it paid off by 2025.

 

[Skippy918]

When we bought our house in 2004, our interest rate was around 5% for a 30 year fixed. We refinanced in 2020 to a 2% 15 yr fixed. We don’t need to refi anymore. I haven’t heard of anyone getting a rate below 2%. Our house has tripled in value.

 

[HerRoyalHighness]

I remember mortgage rates in the low teens when I was a kid

Our first one in 1996 was 8.25

Refinanced to ~6 late 2002 (I was very pregnant and remember the snowy drive over to the closing attorney)

2004 moved and was ~6

I think we refinanced that again...looked it up...2009 and was under 5. We used our 10 year anniversary trip money to pay closing costs (my husband said he was saving me 100K in interest for our anniversary).

2015 moved and was at 3.125%.
Just paid it off

 

[DLgal]

I would gladly pay 15% interest if I could buy a home for under $200k...

 

[spiders]

I would gladly pay 15% interest if I could buy a home for under $200k...

I don’t think people realize how much interest is involved with a mortgage. Let’s say you‘re buying a house for $200k and you’re putting down 25% so your mortgage is $150k. For a 30 year at 5% your mortgage payment, minus escrow, would be about $800. At 15%, it’s about $1900.

 

[Miffy]

When DH and I were looking to buy a co-op apartment in 2013, he pulled out a little book he had that listed mortgage rates and payment amounts. The lowest interest rate in the book was 5%. The mortgage we got for that apartment was 3.75%--so it wasn't listed in the book.

We sold the apartment and bought a house last year--30-year fixed at 2.99%.

 

[EilonwyWanderer]

When we first bought in 2005 like RIGHT before the bubble burst (*sob*) it was a tiny condo and I believe our rate was 4.75%, 30 year fixed.

Sold in 2020 at the beginning of the pandemic and bought a place with 3% rate, 30 year fixed right BEFORE prices went absolutely insane. We got the place for a steal--I didn't love it or the location at the time, but our realtor had us see it the first day it was up. Put in a low offer that night cause I didn't really care along with a nice letter. They came back and asked us to up it by 10k. We did. Got it. I LOVE it now! Also we can apparently flip it right now for at least 250k? Which is insane.

The seller's realtor lives in town and was very mad at us for awhile. He told the sellers not to take our offers because he expected it to go for over and we got it bidding under. Whoops!

 

[DLgal]

I don’t think people realize how much interest is involved with a mortgage. Let’s say you‘re buying a house for $200k and you’re putting down 25% so your mortgage is $150k. For a 30 year at 5% your mortgage payment, minus escrow, would be about $800. At 15%, it’s about $1900.

Um. Sounds great to me! I pay almost $4000/month in rent and a house payment would be like $7000 based on home prices here. So, my point stands. Give me 15% interest on even a $350k house, I'll take it!

 

[Vatrahaki75]

Nov 2021 30 year fixed at 2.75%

 

[Vatrahaki75]

When we first bought in 2005 like RIGHT before the bubble burst (*sob*) it was a tiny condo and I believe our rate was 4.75%, 30 year fixed.

Sold in 2020 at the beginning of the pandemic and bought a place with 3% rate, 30 year fixed right BEFORE prices went absolutely insane. We got the place for a steal--I didn't love it or the location at the time, but our realtor had us see it the first day it was up. Put in a low offer that night cause I didn't really care along with a nice letter. They came back and asked us to up it by 10k. We did. Got it. I LOVE it now! Also we can apparently flip it right now for at least 250k? Which is insane.

The seller's realtor lives in town and was very mad at us for awhile. He told the sellers not to take our offers because he expected it to go for over and we got it bidding under. Whoops!

Reminds me of my situation last October. Seller got 17 offers within 1 day with ours being way below all others; some people offered cash. Seller chose us because we met all his criteria of the ideal homeowners. His realtor was not the happiest person on earth; mine was.

 

[easyas123]

2.275 % on a 30 year on our farm.
About to get a small mortgage on two other pieces of property, but can't pull the trigger til the end of the year and I had to just stop looking at the rates as they have inched up recently. Nothing to be done about it, we have to wait.

 

[EilonwyWanderer]

Reminds me of my situation last October. Seller got 17 offers within 1 day with ours being way below all others; some people offered cash. Seller chose us because we met all his criteria of the ideal homeowners. His realtor was not the happiest person on earth; mine was.

Yeah the people that were selling had been here since 1973, raised their family here, and very much wanted it to go to a family with young kids (which we are) who could make more memories here rather than the dozens of developers that were salivating all over the place clearly intending to tear it down and build some condos.

It did need some major work to make it livable (the plumbing situation was EEK and there were no lights ANYWHERE and only 2 prong outlets) but we found a great local electrician and knew a plumber that gave us a deal and boom. Now we have a house

 

[dvcgirl67]

Original was in 1983 12.25% for 30 years. Always added $100 to the payment. We jumped to buy a house when mortgage rates fell from 16%!
First refi was in 1987. 9% for 30 years
Second refi was in 1991 6.25% for 15 years
While the payment dropped with the refis, we continued to pay the same amount as the first mortgage required (plus the extra $100) so our house was paid off in 2000, 17 years after we bought it.
Our daughter bought a house in 2019, her original mortgage was 4%. She refinanced last year to 2.25%, both 30 years.

Man...buying a house in the 1980's was rough.

Fixed rates for 30 year mortgages are over 5%, which will begin to knock a lot of people out of the market due to affordability. I read yesterday that FHA mortgage applications (usually first time homebuyers)....are down over 50% from a year ago. All mortgage applications (including refi's) are down 40%. And the volume of price drops being recorded on MLS is increasing.....the housing market spike overall is likely over.

 

[hhisc16]

2020- 3.75%, 30 year fixed
Today's rates are much higher already...

 

[Figmentv]

Bought our house in 2006. 30 year fixed, 6.5%

 

[china mom]

Worst rate - 10% in the nineties 30/fx
best rate - 2.5% February 2021 30/fx

 

[bakerworld]

Just like Disney, people complain about everything. I don't think most even know how to do without anymore. I know I don't. I don't even look at the total price at the market - I just buy what I need and throw in the debit (and don't think that hasn't bit me a few times!).

16.25% 1981 House cost $47,000. Refinanced twice because the mortgage % kept dropping. Sold 1990 $114,000 to purchase current home $147,000 at 12% = monthly mortgage was about the same as our original '81 payment. About 18 months later % dropped and mortgage company called to ask why we weren't refinancing. I told her I was sick of having to come up with escrow (there was never anything in ours) so she told me that wasn't a problem. With that company, not only did we refinance for no out of pocket they actually gave us $ back which goes to prove that first company was a bunch of shysters' (I could tell you other stories in addition to the empty escrow).

 

[2China2009]

30 year fixed 3.25% 22 years ago. Paid off in 21 years last April at age 50!!!! Being mortgage and debt free this young make retiring sooner a real possibility!!!$

 

[tvguy]

Fixed rates for 30 year mortgages are over 5%, which will begin to knock a lot of people out of the market due to affordability. I read yesterday that FHA mortgage applications (usually first time homebuyers)....are down over 50% from a year ago. All mortgage applications (including refi's) are down 40%. And the volume of price drops being recorded on MLS is increasing.....the housing market spike overall is likely over.

I don't know, the spike is alive and well here in California. Houses are still selling in hours after listing and for over asking. My son and DIL moved to Los Angeles County in July. Made a tidy profit on the 1,000 square foot house they sold in Sacramento. They have lost out on 3 hours down there. One of their offers was $80,000 over asking, the winning offer was $300,000 over asking! And that was two weeks ago