Tuesday, November 24, 2015
never say never
I remember back in the 1980s when we bought our last house. The buyer of our house in Ohio got a VA loan at 17%. We were able to assume a mortgage to buy our house and got a read deal at 11%. Soon after we moved I got my first job as a mortgage loan officer and was introduced to an amazing array of creative mortgages. Adjustable rates and negative amortization loans were common place and the wisdom of the day claimed that we would never see single digit mortgage rates again. In the last several years mortgage rates have held right around 4%. So much for the wisdom of the '80s. Now we are enjoying a drop in gas prices and I know I personally never thought I would see gas prices under $2 a gallon again. It's really fun to fill my car's gas tank for less than $20. I think one gas station couldn't quite make the adjustment though. I was driving on the day that gas prices really started dropping and every gas station I passed had $1.99.99 posted as their price, except for one station. The price posted there was $9.99.99 a gallon. I thought maybe they didn't have any ones in their stock of numbers but my granddaughter theorized that perhaps they were trying to appeal to rich people - those who don't care how much gas costs. Interesting theory but I noticed by the next day they had corrected their price. Enjoy it while it lasts.
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