18.45% for a 30 Year Mortgage?

45 Year Mortgage Rates

Mortgage rates for the last 45 years, courtesy of Forecast-chart.com

With current interest rates running right around 3.5% or less for a conventional, fixed 30 year mortgage, it seems unthinkable that the rate could ever be anywhere near 18.45% but that’s exactly what it was in October 1981.  Had it not been for a bounty of assumable (without qualifying!) FHA loans, the real estate industry might have ground to a complete standstill.    Could the rates ever return to such exorbitant levels?  There’s no way to tell.  The only thing that’s for sure is that the rates are currently at an all time record LOW.  There’s never been a better time, at least in the last 45 years, to purchase or re-finance a home.

Advertisements

About Bob Gilbert, GRI

Realtor with Edina Realty, Prior Lake, MN
This entry was posted in Financing and tagged , , , . Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s