Dang Scott, You must have been working with some real preditory lenders at the time.  I think the worst rate I saw in a closing back then was about 17% near the end of the Carter era.  Most of the deals I closed back then were in the 10 to 14% range.  I do recall some of the lenders we worked with were charging some pretty high points compared to today.  I've always figured my timing on going independent was pretty bad, I started my company in the summer of 1978 and rates did not get back down to the level they were when I started until the mid-eighties.