December 2016

Found 1 blog entry for December 2016.

Interest rates keep going up on a day to day basis.  As I'm writing this, rates are above 4%.  We haven't seen that figure in a while!  

So before anyone panics, I'd like to go down memory lane to when I purchased my first house.  We were given a 10 year mortgage at 10.5% interest with a 20% down payment (the 3 bedroom, 1 bath single level home on a crawl in Evergreen Park cost $18,000).  We made it into a cute little dollhouse.  We didn't balk at 10.5% interest - those were the going rates.  But look at that low price!  In only about 3 years we sold it for $47,500 - those were the days.

I remember when the market went wild when rates fell to 8.5%.  It was definitely a seller's market at that time.  It was difficult for buyers to get their offer

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