Real Estate shoppers and aficionados, travel with me this week on the interest rate train, as we examine historical mortgage interest rates and come to rest at our destination, today’s marketplace. It may seem more like a roller coaster ride than a pleasant sightseeing journey, but it should give you some perspective on a decision you might be likely to soon make.
Just like real estate prices and home values, mortgage interest rates fluctuate, and actually there is always a dance between the two: as rates rise, prices tend to fall. Of course, many factors influence the prices of homes – supply and demand, popularity of certain areas and other variables.
When we travel back in time and look at historical rates, your view of the current state of affairs may indeed change. Before 2010, interest rates of 4 percent were never achieved and prior to 2003, 5 percent was not a number ever available. In the 1970s the average rates were about 7-9 percent and then in the late ’70s and into the 1980s rates simply went off the charts, rarely dipping below 10 percent and in the early ’80s reaching the unimaginable heights of 18-19 percent. Starting to feel better now? In the 1990s we fell back to early ’70s rates and stayed there until about 2003, when rates began to take a tumble.
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