Take it from someone who “survived” the 18% interest rates of the early ‘80’s and survived to talk about it…mortgage interest rates remain phenomenally low today!
I’m reminded of just how skewed one’s perception of mortgage interest rates has gotten when speaking with a prospective Borrower yesterday who began his home search a month ago when we offered 30-year fixed interest rates at 3.25% and who responded vehemently yesterday when I updated him that current interest rates had risen to 4.5%, “that no one in their right mind would buy a house and pay that kind of a rate!” Really….when did a 30-year fixed mortgage at 4.5% become undesirable? Could it be that a Borrower’s perception of mortgage interest rate reality is way out of whack? The record low interest rates that we have been experiencing are not the norm, thus the reason they’ve been deemed to be “record low” rates!
If you want to take advantage of the current rates, give me a call!
For a historical view of interest rates see the chart below:
Reproduced with the permission of Mortgage-X.com