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house prices: Mortgage Rates Hit a 37 Year Low! - 12/18/08 12:37 PM
Mortgage Rates Hit 37 Year Low! That was the headline I came down to this morning.
Marketwatch is reporting that rates average just slightly more than 5% on a 30 year fixed rate mortgage. That is the lowest rate since FreddieMac began its mortgage rate survey back in 1971.
To put that in perspective, 42 years ago when I bought my first house I had the opportunity to assume a mortgage on the property for 5 1/4%. The going market rate was right about 7%. This was long before I entered the real estate business. Not sure what to do, duh, … (1 comments)
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John Westman
Grand Rapids,
MI
More about me…
Westman Realty, Inc.
Address: 264 College Ave SE, Grand Rapids, MI, 49503
Office Phone: (616) 451-8989
Cell Phone: (616) 822-6435
Email Me
A look at downtown living in Grand Rapids, MI from historic homes to new condos and lofts.
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