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93
Just work harder and stop complaining (media.scored.co)
posted 11 months ago by wankingisgay on scored.co (+0 / -0 / +93Score on mirror )
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Uberen on scored.co
11 months ago 3 points (+0 / -0 / +3Score on mirror ) 2 children
Interest rate was 30% in the 80s.
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WeedleTLiar on scored.co
11 months ago 8 points (+0 / -0 / +8Score on mirror )
So you could actually save up and buy a house with cash.
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HarlechMan on scored.co
11 months ago 6 points (+0 / -0 / +6Score on mirror ) 1 child
Fed prime was 10% in 1985. It's 7.5% today. The borrowing rates were only super high for a short period, from 1980-1981, peaking at 21.5%. And I think then mortgage rates never even reflected that high of a rate since it was so short lived.
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MI7BZ3EW on scored.co
11 months ago 0 points (+0 / -0 ) 1 child
1985 and 1980 were entirely different from each other. 1984 was when the economy started behaving "normally" again after near hyper-inflation rates for over a decade.

Edit: The "official" inflation and interest rates are not what actually happened. They lied to us in the 70s and early 80s and we have the receipts.
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HarlechMan on scored.co
11 months ago 2 points (+0 / -0 / +2Score on mirror ) 1 child
The graph starts in '85 hence why I compared '85 interest rates. Under no circumstances was the average home loan at 30% "in the 80s".
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MI7BZ3EW on scored.co
11 months ago 0 points (+0 / -0 ) 1 child
I didn't say AVERAGE interest rates. "Average" implies that people were paying higher rates and lower rates.

My parents could only get their modest home for their 6 kids at 30% when they moved in 1980.
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HarlechMan on scored.co
11 months ago 0 points (+0 / -0 ) 1 child
You said "interest rate was 30% in the 80s"...any reasonable person would assume you're talking about some kind of a average rate for the decade or a base rate like Fed prime. Nobody is going to assume you were talking about your family's personal rate from specifically the year of 1980...ugh.
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