2007-02-14 10:53:06 · 9 answers · asked by boy wonder 1 in Business & Finance ➔ Renting & Real Estate
Even now, some mortgages are at or near 15%, especially for really bad credit loans (under 500 credit score), or hard money loans.
I've seen foreclosure loans that are 13.99% for new mortgages from traditional banks. Not many do these loans anymore, though.
Hard money lenders typically up over 15% and can reach 20%. But these types of loans are usually designed for very short time periods for people who have a reason not to state their income or give out much information. They use the hard money lenders because they close deals very quickly.
2007-02-14 11:18:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, in the early 80s (not 70s), Paul Volcker was chairman of the Federal Reserve, and he jacked interest rates up very high to stop inflation. Mortgages were up to about 18% at the time.
2007-02-15 08:55:43 · answer #2 · answered by Quixotic 3 · 0⤊ 0⤋
Yes they do! Ask anyone who was around during the recession of the 1970's. The interest rates were up to 18%. I hope we learned a lesson back then and that it won't happen again. Keep an eye on the jobless rate. If that starts to climb, watch out...interest rates won't be far behind.
2007-02-14 22:10:54 · answer #3 · answered by Realtor Jim 2 · 0⤊ 0⤋
Yes. Maybe not the prime rates, but there were DEFINITELY times in the 80's that they were in the 12-14% range-- and then if you're on a subprime loan you could easily be at 15%.
2007-02-14 18:56:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The reached higher than that back in the mid-seventies. They were over 18% during much of that time.
2007-02-14 18:56:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Sure, if the 10 year treasury bond trades high enough.
2007-02-14 19:01:56 · answer #6 · answered by Sean 1 · 0⤊ 0⤋
They have and will to cover all the bad loans that are now going in to default.
2007-02-14 22:24:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
They have - I think it was in the 70's. With luck we'll never see that again.
2007-02-14 18:57:06 · answer #8 · answered by Judy 7 · 0⤊ 0⤋
They did in the 80's...OUCH!
2007-02-14 19:22:17 · answer #9 · answered by T H 4 · 0⤊ 0⤋