Be Thankful You Don’t Have to Pay Your Parents’ Interest Rate!

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Real Estate Agent with Berkshire Hathaway HomeServices Amabassador Real Estate #20090176 & #20090177
Be Thankful You Don’t Have to Pay Your Parents’ Interest Rate! | MyKCM

Interest rates hovered around 4% for the majority of 2017, which gave many buyers relief from rising home prices and helped with affordability. In the first quarter of 2018, rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year.

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home. Don’t let the prediction that rates will increase stop you from purchasing your dream home this year.

Let’s take a look at a historical view of interest rates over the last 45 years.

 

Be Thankful You Don’t Have to Pay Your Parents’ Interest Rate! | MyKCM

Bottom Line

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

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Rainmaker
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Eric J
Eric J - Dream Home Financing - Freehold, NJ
Dream Home Financing

When I purchased my first home in early 1991, my interest rate was 9%. At that time, everyone wanted to know who I had to sleep with to get such a low rate. Amazing how things have changed.  A decade later, I found myself in the lending business and watched all of the changes that have occurred since then. I do not think our economy can withstand a spike up near double digits again. 

Mar 30, 2018 07:23 AM #1
Rainer
69,338
Shawn and Angela Miller
Berkshire Hathaway HomeServices Amabassador Real Estate - Lincoln, NE
Lincoln and Omaha, NE REALTORS®

I know how you feel.  In 2000, we got 7.25% mortgage and thought we won the lottery.  ha ha.  My folks had started some CD's in the mid 80's for me and my siblings.  Making like 10-13% was pretty sweet.

Mar 30, 2018 07:32 AM #2
Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Good morning Shawn and Angela Miller 

Thank you for sharing your information with us

Have a great day.

Mar 30, 2018 07:40 AM #3
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Rainer
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Shawn and Angela Miller

Lincoln and Omaha, NE REALTORS®
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