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Home › Forums › Housing › What if interest rates go to 13%? › svelte wrote:…remember the

October 18, 2008 at 11:06 AM #289296
BKinLA
Participant

[quote=svelte]…remember the phrase “stagflation” and WIN (“Whip Inflation Now”) buttons?[/quote]

Remember wearing your WIN button upside-down:
(NIM = “No Instant Miracles”)?

My family bought a house in 1980 by assuming the mortgage from the seller. Whatever the interest rate was on the existing mortgage, it was obviously lower than a new one at prevailing rates.

If rates do spike, I wonder if this might become commonplace again…although who wants to assume a toxic mortgage on a property that is declining in value?