OT: 'Off topic' thoughts

[ZEBROA]

Why do some find it so offensive?

The same way it is offensive to scream in someones face

 

[Kiwi]

Didn't we just have a down cycle during covid times? Inflation got stupid etc?

I'm 36 and boy am I tired of these "once in a life time" occurrences, just want a normal decade or even 5 year stretch lol.

Damn I feel old, when I was in my teens (30 years ago) I can remember interest rates of over 25% on house mortgages

On the contrary, the economy was roaring in 2020 and 2021 because of how much stimulus was pumped into it globally. That isn't happening again.

That also helped inflate the currency which bites consumers in the ass eventually

 

[Donnie740]

Damn I feel old, when I was in my teens (30 years ago) I can remember interest rates of over 25% on house mortgages

Maybe you have Alzheimer’s because interest rates were nowhere even remotely close to 25% in 1995.

 

[Kiwi]

Maybe you have Alzheimer’s because interest rates were nowhere even remotely close to 25% in 1995.

I'm not Canadian, sometimes you can have different interest rates in different countries and in New Zealand in the late 80's house interest rates got to 25-30%

 

[Donnie740]

I'm not Canadian, sometimes you can have different interest rates in different countries and in New Zealand in the late 80's house interest rates got to 25-30%

30 years ago mortgage rates in New Zealand weren’t anywhere close to 25% either.

 

[Donnie740]

30 years ago mortgage rates in New Zealand weren’t anywhere close to 25% either.

Further to the above…

Interest rates, 1966–2008

Interest is the price that borrowers pay to obtain capital. This graph compares the changing interest rates of first mortgages for house loans with the interest the banks pay those who invest in a six-month savings bond. In general the difference between the two rates is what the bank earns. It ...

teara.govt.nz

 

[Kiwi]

30 years ago mortgage rates in New Zealand weren’t anywhere close to 25% either.

20% in 85 and topped out at 23% in April-May of 87, so to say it wasn't "anywhere close" to 25% seems a little aggressive

 

[Donnie740]

20% in 85 and topped out at 23% in April-May of 87, so to say it wasn't "anywhere close" to 25% seems a little aggressive

That’s not 30 years ago, my friend.

 

[Kiwi]

That’s not 30 years ago, my friend.

So 37 or 38 years ago then, I notice you've become awful quite about that interest rate though?
According to my Mum it got to 27% before it started dropping

 

[Donnie740]

So 37 or 38 years ago then, I notice you've become awful quite about that interest rate though?
According to my Mum it got to 27% before it started dropping

The interest rate chart speaks for itself.

The interest rate in New Zealand 30 years ago was barely over 10%. Nowhere near the 25% that you fabricated.

I’ll trust the figures on an actual chart from the New Zealand government way more than I’ll trust the anecdotal recounting of your mom.

 

[Kiwi]

The interest rate chart speaks for itself.

The interest rate in New Zealand 30 years ago was barely over 10%. Nowhere near the 25% that you fabricated.

I’ll trust the figures on an actual chart from the New Zealand government way more than I’ll trust the anecdotal recounting of your mom.

Go back to 85 through 87, forgive me if I was out by 6-7 years but you will see interest rates of 21%-23%

That happened and if you like New Zealand government interest rate charts that one will give you a real woody

 

[Nineteen67]

Go back to 85 through 87, forgive me if I was out by 6-7 years but you will see interest rates of 21%-23%

That happened and if you like New Zealand government interest rate charts that one will give you a real woody

Out of curiosity can you get a 15 year fixed interest mortgage?
We were extremely lucky 18 yrs ago when we purchased our property around 2% for 15 yrs.

 

[Nineteen67]

I dont subscribe to woke-ass bullshit and I'm not easily offended so I certainly don't care

I’m offended that you’re not easily offended and that you don’t care.

In all seriousness I actually feel bad for some of those people that believe the BS theyre fed and can’t think for themselves. It creates a dangerous society.

 

[rumman]

I’m offended that you’re not easily offended and that you don’t care.

In all seriousness I actually feel bad for some of those people that believe the BS theyre fed and can’t think for themselves. It creates a dangerous society.

A dangerous society or s dangerous……..

 

[TheGreenTBer]

I’m offended that you’re not easily offended and that you don’t care.

In all seriousness I actually feel bad for some of those people that believe the BS theyre fed and can’t think for themselves. It creates a dangerous society.

Damn right.

 

[Kiwi]

Out of curiosity can you get a 15 year fixed interest mortgage?
We were extremely lucky 18 yrs ago when we purchased our property around 2% for 15 yrs.

If there is I haven't seen or heard of it, usually it's just fixed for 3-5 years

Saved a lot of people when the rates were jacked up as we came out of COVID

Man you get a great rate, usually they would add a little extra to the fixed just in case rates did rise, 2% over that long is amazing

Just had a look and apparently you can, it's not the usual but some lenders do it

 

[Nineteen67]

If there is I haven't seen or heard of it, usually it's just fixed for 3-5 years

Saved a lot of people when the rates were jacked up as we came out of COVID

Man you get a great rate, usually they would add a little extra to the fixed just in case rates did rise, 2% over that long is amazing

Just had a look and apparently you can, it's not the usual but some lenders do it

My mortgage broker was always watching the rates and we have refinanced other properties which lowered my payment and term. He made money and we saved money. I hope they never change that here although I suspect they will to control housing.

 

[WTFMAN99]

Damn I feel old, when I was in my teens (30 years ago) I can remember interest rates of over 25% on house mortgages

That also helped inflate the currency which bites consumers in the ass eventually

My father I think said in early 90s they were around 16-18% range which obviously sucks...and then you compare it to these days where the mortgage in the GTA is insane to carry.

 

[Donnie740]

My father I think said in early 90s they were around 16-18% range which obviously sucks...and then you compare it to these days where the mortgage in the GTA is insane to carry.

In Canada, mortgage rates briefly got close to the 20% range in 1982 but that never, NEVER, happened in the 1990’s as some people tried to falsely proclaim.

 

[WTFMAN99]

In Canada, mortgage rates briefly got close to the 20% range in 1982 but that never, NEVER, happened in the 1990’s as some people tried to falsely proclaim.

You know that might be my memory of the conversation at fault versus his lol.

I think the worst I had was 2 years ago in the 6%ish range but with the size of our mortgage being drastically larger than what they would have dealt with.

 

[Kiwi]

My father I think said in early 90s they were around 16-18% range which obviously sucks...and then you compare it to these days where the mortgage in the GTA is insane to carry.

Yeah the house my parents were looking at cost 58 thousand dollars, that isn't buying much in the GTA I'll bet

 

[WTFMAN99]

Yeah the house my parents were looking at cost 58 thousand dollars, that isn't buying much in the GTA I'll bet

You can buy a parking spot I believe in Toronto from 50-100k range lol.

Van life?

 

[Confucius]

On the flip side of high borrowing cost, Back in the 80’s you could get a 5 year Canada savings bond that paid 19% per year. That time period put a large wedge between the haves and have nots,

 

[Evilhomer]

Ugly, ugly markets.

 

[Confucius]

Ugly, ugly markets.

I’d guess similar to the Covid years there could be some great deals in the near future,