Remembering The “Good” Ole Days….
Whenever I hear someone balking at the current mortgage interest rates being “too high”, I can’t help but remind them of the not-so-distant past when mortgage rates were at unprecedented highs. Many consumers today may not remember that back in the 1970s the average mortgage interest rate was somewhere in the mid-to-high 7 percent range. Soon after that, in the 1980s, the average mortgage rate for a 30 year fixed mortgage climbed to a whopping 17%. Can you imagine? 17% was the average, but many more were sky high at 18.5%! The 30 year fixed rates didn’t go under 10 percent again for another five years until 1986. There were many factors influencing the rates back then, the main one being inflation. But the fact is it’s never been cheaper to borrower money with the 30 year mortgage rates at a historical low coming in at 4.125% today.
By putting mortgage rates in their proper perspective, we gain a whole new appreciation of how good today’s home loan shopper truly has it. It is an optimum time to get a home loan!
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