I read this fantastic post from my good friend, mortgage rep Rob Rauf, and wanted to re-blog it here on my blog. Rob is a terrific mortgage rep with twenty one years experience in the business. You can feel comfortable calling on him for all of your mortgage needs!
Via
Robert Rauf:
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. My first house I paid over 11% on my loan, and I am in the business!!! When you look at the chart below, you will see that RATES ARE GREAT!
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. We are in great shape and today's rates make financing your next home Very affordable!
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. So to sum up: We are in wonderful shape right now. Mortgages are near historical low levels (2003 was called a 40 year low).. and Homes are affordable. What more could we ask for?
Have a great day!
Rob
Robert Rauf
(732)223-1630 x102
Real Estate Mortgage Network
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Hi Lisa, Thank you for the compliment! and for the Re-Blog!