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Mortgage Rates Affect You

Mortgage Rates Affect You
The past year has been a wild ride for the Ft Lauderdale real estate market. Across all of southern Florida, real estate values saw increases of 15-25%. However, over the last couple of months, this growth rate has begun to slow. This could indicate the fastest growth of housing prices may be behind us.
Recent increases in mortgage rates may have something to do with this start of a more controlled growth. For anyone who owns or plans to purchase a home in the future, it is crucial to understand what is happening in the mortgage market and how it will affect you.
Mortgage Rates - A Historical Perspective
Although interest rates have see-sawed in the past few months, the current figures are still well below historical averages. I remember the early 1980’s when my Mother was a Realtor in Buffalo, NY and interest rates topped 18%. By 1990 interest rates had declined to 10% and by 2000 they had fallen to 7.5%.
Following last decade’s housing collapse, consumers saw mortgage rates tumble to historic lows of 3.42% for a 30-year fixed mortgage. Thanks to the Fed spending $85 Billion every month to purchase US Treasury and mortgage bonds, rates have ... more

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