This is a good time to look back at the year 1982. 30 year mortgages that were taken out that year are now paid off so, as we celebrate that event, let’s check out what was going on back then. We’ll see that some things change and a lot stay the same:
- In 1982 the Redskins beat the Cowboys 31-17 to win the NFC Championship on the way to their 27-17 Super Bowl win over the Dolphins.
- “Late Night With David Letterman” debuted that year. Other top TV shows were Dallas, Dynasty, and 60 Minutes.
- Meryl Streep won an Oscar that year.
- Journey, Van Halen, Stevie Wonder, Neil Diamond, and Fleetwood Mac all had hits that year. However, the big music event was that Michael Jackson’s “Thriller” was released in 1982. It caused a tremendous stir then, woke up the music industry and is still the top-selling
album of all-time.
- Oh, back to that mortgage. The average rate for 30 year fixed rate loans in 1982 was 16%. Was that a typo? No. 16.04% to be exact. But people still wanted what we want today: a place of their own that they could call home. A place to start a family, raise a family, or simply lead the good life that we all seek.
- That desire hasn’t changed but the mortgage rates sure have. How lucky are we to know that when we are looking to purchase today our rate for a 30 year mortgage is around 3.75%. Now that’s the real thriller!!!