200 years of Interest Rates - Rates have edged up a bit - Buy NOW!

By
Real Estate Broker/Owner with Benton, Linn and Douglas Counties Call Terri today!

200 years of Interest Rates - Rates have edged up a bit - Make your move now!

I received this graph from a mortgage lender.  They say "a picture is worth a thousand words."  This graph gives us a visual of just how low the interest rates have been the past few years.  It is easy to get complacent and not know a good deal when we see one.

Interest rates have a strong impact on how much a buyer can afford.  When there are less buyers, then the sellers have a harder time selling their home.  The good ole SUPPLY/DEMAND rule we learned in high school.  Don't wait and miss the wonderfully low interest rates. 

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Comments (4)

Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

HI  Terri,    doesn't take long for our government to start the hike in rates.

Jul 19, 2013 03:42 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M
Terri - That is a very interesting graph for putting things in perspective.
Jul 19, 2013 03:48 PM
Michele Peterson
Sellstate Realty First - Roseville, CA
Sellstate Realty First

I just can't imagine a 19% interest rate on a home loan.

Wow..

Would the market place come to a stand still.

 

As a side note, I am already hearing about loans that are locked at 3.1% being assumed by the new owners vs. paying 4.5%

 

Jul 19, 2013 04:29 PM
Terri Woods
Benton, Linn and Douglas Counties - Days Creek, OR
Selling Homes and Land in Oregon

Hi Ronald, Christine, and Michele - Thanks for finding my blog.  I am still fairly new to the Active Rain group so I appreciate you reading what I wrote.  

I started selling a long long time ago (thus the black and white pictures - to hide my wrinkles :)), and we were trained to qualify buyers on our own.  Back then, we had to learn how to work with negative amortization.  I still have my handy dandy TI calculator - never did switch to HPs since I learned the Texas Instrument calculator so well. I remember one buyer's interest rate was 21%.  Looking back at the rates, there must have been something else to that buyer's loan because the rates on the charts seem to only go up to 16%.  But in Texas, I know rates were higher.  

Then... when rates were in single digits, that was wonderful.  Last year, we refinanced our home at an interest rate below 3%.  I talked to our lender friend recently asking him if the rates were any lower to refinance again, and jokingly, he replied... "I'll call you when they hit 1%."  I guess we got a great deal.  

Anyways, I have not heard of any assumable loans lately.  Used to, we did so many.  I will have to check that out.  Thanks again for y'all's comments!

Jul 19, 2013 04:50 PM

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