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Rising Interest Rates

I just read that interest rates have recently broken over the 4% mark for mortgages. I suggest you go and buy a house now, before interest rates go even higher.

Did you ever stop and ask what your parents paid as interest rates? Or even your older siblings? Our first house, which we bought in 1978, we had a mortgage rate of 8.5%. Subsequent houses over just a few years were at 12% and at 16.5%. And you have the teremity to complain about 4%?

Even your brothers and sisters – if they bought a house 10 years ago had a higher rate than you would now. Ten years ago the interest rate was almost 8%!

The last time rates were as low as they are now was when our parents bought their houses at the end of World War II in the late 1940s. My father-in-law had a three and a half percent mortgage which he carried until it was paid off for 30-years. And he was glad to get that.

So don’t you complain about a measly 4% mortgage. You don’t know when you have it good. You should go buy a house right now if you don’t already have one.

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