Are you getting tired of hearing about interest rates dropping? I personally still can’t believe how low interest rates are right now, and I’m in the real estate business. When I refinanced last year I thought I would never refinance again, yet here I am in the middle of another refinance. Rates and overall savings were too good to pass up. Definitely get in touch with a lender if your 30 year rate is above 4%. Could be a great time to get your payment lower or switch to a 15 year mortgage.
To give you some perspective I have two charts with historical data. This first chart shows the 30 year fixed mortgage rate going back to 1974. Aren’t you glad it’s not the mid 1980s? You’d be paying well over 10% for a mortgage.
The second chart shows the 30 year fixed mortgage rate from 2005 to present (more condensed perspective). Today’s rates are half of what they were just seven years ago.
Buyers have so much more buying power these days, without overstretching themselves. Looking to buy or invest? There is some pretty cheap money out there right now to help you make that happen!
