Mortgage interest rates from some lenders in Tennessee dropped below 4% for a 30 year loan in the past week! What a great time to buy!
Current interest rates are at the lowest they have been in the past 20 years. Looking back at the rates during that time period, you can see that ten years ago, buyers would have paid approximately 7% on their 30 year fixed rate loan.
If you look back even farther, buyers in 1991 paid a whopping 9.25% on average. And, don't even ask the baby boomer generation what they paid when they bought their first house! Back then, double digit interest rates were the norm.
If you are thinking about buying a home or refinancing, go shop around and see what a low rate you can get! Good advice is to talk to different lenders, and to include both big name banks and smaller, local banks.
-Written by Maggie Claprood, Buyer's agent for Judy Rockensock-
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