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True Gary- - and they're the same people who believe that an "average" ROI
is between 20-25%. Ah youth.
Regards, Jack.
----- Original Message -----
From: "Gary Fritz" <fritz@xxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Wednesday, June 29, 2005 11:53 AM
Subject: Re: Fed Announcement Dates
> Abhijit Dey said:
> > In 1980's prime rate was 20+ % ???
> > <Imagines ARM mortgage rate>
> > <faints>
>
> And it wasn't just the absolute level that was horrific, but the rate of
> change. In ~1980-81 I tried to buy my first house. My slick realtor
> talked me into a house I could barely afford, and convinced me to work out
> a move-in-and-rent-until-closing deal so the seller didn't sell to someone
> else. Being an inexperienced kid I didn't know better.
>
> Unfortunately this was just when the rates started to spike. From the
> time we applied for the loan until it was finalized (as I recall you
> couldn't lock rates on an FHA loan at that time), the loan rate went up
> over TWO AND A HALF POINTS. I could barely afford it before that, and I
> COULDN'T afford it after that runup. I ended up losing the house and
> moving out.
>
> People who have been getting 30yr loans at 5-7% lately have no idea how
> good they've got it...
>
>
>
> --
>
>
--
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