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mortgage history: What's a "historically low" mortgage rate? - 07/24/07 04:07 AM
Have you wondered how mortgage rates north of 6% are considered historically low?  Here is the answer according to Bankrate.com.
Bankrate has been tracking the 30-year fixed since September 1985. In nearly 22 years, the 30-year fixed has averaged 7.99 percent. Today's rates are under that and thereby considered "Historically Low."
From September 1985 to the end of 1989, the 30-year fixed averaged 10.45%. In the early '80s people were getting 30-year fixed-rate mortgages close to 20%! In the 1990s, the 30-year averaged 8.03%, and so far in the 2000's, it has averaged 6.53%.
If you compare today's rates with those … (4 comments)

 

Illinois Financial Advisor Greg Zaccagni

Wheaton, IL

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