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Funny to an old man
HHusky
Member Posts: 24,217
Saw a headline this morning describing mortgage interest rates as “soaring above 3%”. In 1984, in Balmer Hall, I listened to a prof refer to the halcyon, never to return days of rates below 6%. You live long enough and you see things.
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HH thinks everyone who’s about to lose 30-40% of their home value needs to put things in perspective
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My MBA was in finance. I suggest you try not to sell at the bottom of the market. See how that education pays off?LoneStarDawg said:HH thinks everyone who’s about to lose 30-40% of their home value needs to put things in perspective
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So now you have an MBA and a JD?HHusky said:
My MBA was in finance. I suggest you try not to sell at the bottom of the market. See how that education pays off?
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Imagine thinking an “MBA in finance” is supposed to impress people.
No shit the loss isn’t realized until you sell. If rates pop up to ~6% nobody is buying anyone’s 800k home nor able to borrow at that rate.
What a dumb fuck. -
This isn’t the Tug.LoneStarDawg said:Imagine thinking an “MBA in finance” is supposed to impress people.
No shit the loss isn’t realized until you sell. If rates pop up to ~6% nobody is buying anyone’s 800k home nor able to borrow at that rate.
What a dumb fuck.
If you don’t need to sell, don’t sell.
But 6% is still a ways off. -
Do tell. I'm not the only one here whose folks were paying 15-16% on their first mortgage back in the early 70's. In fact over the last 50 years, the rates have been below 6% for about 10 of them.LoneStarDawg said:Imagine thinking an “MBA in finance” is supposed to impress people.
No shit the loss isn’t realized until you sell. If rates pop up to ~6% nobody is buying anyone’s 800k home nor able to borrow at that rate.
What a dumb fuck.
No need to spaz like you're in some Tug thread. -
Cool your shit flinging and crooked dick swinging or get walking. This ain't the club for this bullshit.LoneStarDawg said:Imagine thinking an “MBA in finance” is supposed to impress people.
No shit the loss isn’t realized until you sell. If rates pop up to ~6% nobody is buying anyone’s 800k home nor able to borrow at that rate.
What a dumb fuck. -
I think my boss paid 18% in 1982 or thereabouts.dflea said:
Do tell. I'm not the only one here whose folks were paying 15-16% on their first mortgage back in the early 70's. In fact over the last 50 years, the rates have been below 6% for about 10 of them.
No need to spaz like you're in some Tug thread.
Of course, my money market account was paying 15% too. -
The partners at my law firm used to tell stories about how they and their classmates assumed it would be years, if ever, that they would own a house. Of course, that was a little exaggerated on their parts, but yeah, when the numbers creep up, taking on more debt for more house becomes a simple cashflow problem.HHusky said:
I think my boss paid 18% in 1982 or thereabouts.
Of course, my money market account was paying 15% too. -
It was a pretty awful time to be taking out a home loan, for sure. Neither 18% nor rates below 3% seem sustainable though. Just opposite extremes.creepycoug said:
The partners at my law firm used to tell stories about how they and their classmates assumed it would be years, if ever, that they would own a house. Of course, that was a little exaggerated on their parts, but yeah, when the numbers creep up, taking on more debt for more house becomes a simple cashflow problem.
Btw, in 1982, I believe all interest on personal debt was tax deductible. Inflation was high. In retrospect, it was a good time to be a debtor. -
Even though I am mortgage free, and have been for some time and thus fear the shock of getting back into, I am thinking about one more "move up" while rates are down. Thinking about Fall, depending on what rates are doing. Yeah, I might overpay for a house; but it will be easy to hold it with low-interest financing and, as I say over and over again, Seattle long-term is not going to get cheaper. I could be wrong; but I'm probably not.HHusky said:
It was a pretty awful time to be taking out a home loan, for sure. Neither 18% nor rates below 3% seem sustainable though. Just opposite extremes.
Btw, in 1982, I believe all interest on personal debt was tax deductible. Inflation was high. In retrospect, it was a good time to be a debtor. -
Happy to have locked in at 2.5% last month
Our first mortgage in 1998 was 7.5%, iirc -
I refi'ed from 4.25 down to 2.75 a few months ago. It's insane. Unlikely to see sub 3% money the rest of my lifetim.
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No kidding, I never thought I would see money this cheap in my lifetime...Swaye said:I refi'ed from 4.25 down to 2.75 a few months ago. It's insane. Unlikely to see sub 3% money the rest of my lifetim.
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6.25% in 2008 (100% with no PMI). Refied a few months back at 2.185%. I'm hoping I can get my repair/remodel done before either the market crashes or the rates shoot up so I can borrow against it to fund the next giant repair. After 17 hours of taping drywall this weekend... Fuck old houses.
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Christ. You guys haven’t lived until you bought a house at 10% plus interest requiring 20% down.
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Been there, done that. I think I was at about 11% in 1990. And, of course 20% down.PurpleThrobber said:Christ. You guys haven’t lived until you bought a house at 10% plus interest requiring 20% down.
Good times.
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I always like looking at data/charts...
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I am old and details are fuzzy. I know it was double digits and I purchased around 1990.HoustonHusky said:I always like looking at data/charts...
Remembering exact details doesn't really add to the narrative.
Property was subsequently refinanced (to 15 yr mtge) and sold, in the early 2000s, after nearly tripling in market value. Thank you first time home buyer incentives.
Enter 1031 exchange for multiple properties. The goal is that income from these rentals will fund at least half of my retirement.
I'll pay for property management before I attempt to manage myself.
Oahu is a lot like Creepy's Seattle. Prices may dip but likely will only continue to increase long term.
Get in. Maximize investment. Figure out exit later. Keep working.
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Agree with all that. I'm sure @pawz would agree that it pays to take the long view in real estate.EwaDawg said:
I am old and details are fuzzy. I know it was double digits and I purchased around 1990.
Remembering exact details doesn't really add to the narrative.
Property was subsequently refinanced (to 15 yr mtge) and sold, in the early 2000s, after nearly tripling in market value. Thank you first time home buyer incentives.
Enter 1031 exchange for multiple properties. The goal is that income from these rentals will fund at least half of my retirement.
I'll pay for property management before I attempt to manage myself.
Oahu is a lot like Creepy's Seattle. Prices may dip but likely will only continue to increase long term.
Get in. Maximize investment. Figure out exit later. Keep working. -
Bought our first house in 1990. I think we paid 10.25%. Thought we were really killing it when we got to 6 something in a refi.EwaDawg said:.
Been there, done that. I think I was at about 11% in 1990. And, of course 20% down.
Good times. -
I remember when it got into the 5s; the refi world was on fire. No better time to be a mortgage broker.HHusky said:
Bought our first house in 1990. I think we paid 10.25%. Thought we were really killing it when we got to 6 something in a refi. -
And you actually were killing it at 6. That's why sub 3 like we are seeing now is so absurd. And cool. It's like FREE MONEY!HHusky said:
Bought our first house in 1990. I think we paid 10.25%. Thought we were really killing it when we got to 6 something in a refi. -
Exactly. Fuck, if rates were to increase to an even rational level, you'd be net in the black maintaining the loan and parking your cash in a MM.Swaye said:
And you actually were killing it at 6. That's why sub 3 like we are seeing now is so absurd. And cool. It's like FREE MONEY! -
Low rates are here to stay. I would probably won’t see rates above 8 % for another 2 decades
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God, I hope that's true.FireCohen said:Low rates are here to stay. I would probably won’t see rates above 8 % for another 2 decades
The Throbber needs 3 to 5 years of moderately low rates (4 to 5%) so he can GTFO out the compound and then Ka Ching into a nice ass mcmansion in a nice ass climate. Fuck this snow bullshit. Aside from mosquito swatting bikers with his Boss snow plow, moving mass amounts of snow loses it's novelty after a couple years.
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I need rates to stay low ... like below any credible notion of a 5% pension discount rate, for my lump sum payout in 2028 or 2029. The supplemental piece in particular moves like a mother fucker on discount rate. The qualified piece is more like a yacht ... bigger and more stable. The supplemental, which makes up 40+% of my benefit, is like a Jet Ski. Any little move in rates and that fucking thing is all over the place.PurpleThrobber said:
God, I hope that's true.
The Throbber needs 3 to 5 years of moderately low rates (4 to 5%) so he can GTFO out the compound and then Ka Ching into a nice ass mcmansion in a nice ass climate. Fuck this snow bullshit. Aside from mosquito swatting bikers with his Boss snow plow, moving mass amounts of snow loses it's novelty after a couple years. -
The Throbber just wants to cash the fuck out of the GNR Compound by pawning it off to some unsuspecting Cali/PDX/Seattleite who thinks it is cool to live in the woods, then drop all the cash into a comparable place somewhere warm and shut it the fuck down. War no mortgage!creepycoug said:
I need rates to stay low ... like below any credible notion of a 5% pension discount rate, for my lump sum payout in 2028 or 2029. The supplemental piece in particular moves like a mother fucker on discount rate. The qualified piece is more like a yacht ... bigger and more stable. The supplemental, which makes up 40+% of my benefit, is like a Jet Ski. Any little move in rates and that fucking thing is all over the place.
The Throbber is totally content with having high speed internet, a fully charged Kindle and a fridge stocked with cervezas and vodka. Don't need much more, to be honest. Getting all the jet setting out of my system while I can still get around without a walker.
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It will. Take all the screen shots you need lolzPurpleThrobber said:
God, I hope that's true.
The Throbber needs 3 to 5 years of moderately low rates (4 to 5%) so he can GTFO out the compound and then Ka Ching into a nice ass mcmansion in a nice ass climate. Fuck this snow bullshit. Aside from mosquito swatting bikers with his Boss snow plow, moving mass amounts of snow loses it's novelty after a couple years. -
The low mortgage rates are the thread keeping the whole thing together just like low interest rates keep the borrowing going.
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