If you have read my profile you know that I have been in the business for over 20 years, I have seen a lot of ups and downs since the late 1980s both in business and in interest rates. One thing that has always caused me to bite my tongue is a conversation on rates. How often have you heard a client say : "Rates are high"? I just bite my lip and laugh to myself. My first house I paid over 11% on my loan, and I am in the business!!!
I know that I look at rates today and think they should be lower based on economic conditions. But historically speaking we are still quite low. The average rate over the past 20 years is 7.68% and for most of this year we have been solidly in the 6's and keep flirting with the high 5's. So: DARN IT... Rates are GREAT!!!
And keep in mind that this chart cuts off the REALLY high years in the early 1980's when the rates were well into the teens, So a 30 yr average is even higher.
Things are GREAT! we just need to be focused on the positive aspects we have to deal with and pass that information along to our clients as well.
Have a great day!
Real Estate Mortgage Network