Mortgage Interest Rates Are at Historic Lows
Here’s some “fun with numbers”: Did you realize that since 1971 - 30 year fixed average monthly rates (source: freddiemac.com) have been under 6% only 28 times? That’s 444 months and only 28 were under 6%. Exactly 2 months were below 5.50%: March 2004 at 5.45% AND THE ALL-TIME LOW OF JUNE 2003 at 5.23%.
From Nov. 1978 to Nov. 1990, they were double digit nearly every month - including the high of 18.45 (eighteen!) in October of 1981.
Today’s sweet spot on a 30 yr fixed ($175,001, 95 LTV, primary purchase, 680 credit) we are at 5.50 at par with 1% orig. Last week we had a couple days at 5.375%. Who’s ready to LOCK? And quick, before the loan program guidelines change!
NOW is a good time to buy a home, indeed, as we really are at historical lows. I believe it was Jeff Adams that put it: What are you waiting for…rates and prices to go UP?
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Tags: 30 year fixed average monthy rate, 30 year fixed home loan, home loan, mortgage interest rates