Will The Rates Keep Falling or...

By
Real Estate Agent with KW Evolution - Topsfield, MA 92593-B

Holy Moly! In 1985 when we purchased our home I never would have thought or even believed the interest rates would be where they are today! I almost fell off my feet when one of our sons called and told me the interest rate he just locked in on a refinance of his home. 2.75% 30-year fixed!! We paid over 13% in 1985. I can remember asking my father why he wouldn't pay off his house, to which he replied "Where am I goin' find 6% money...lol 

Thus, ALL you folks considering the purchase of a home in 2020 NOW is the time. I've noticed more listings coming on the market lately. Sooo... I'm posting a rate comparison the folks at KCM put together. Here it is...

 

Mortgage Rates & Payments by Decade

Mortgage Rates & Payments by Decade [INFOGRAPHIC] | Keeping Current Matters

 

Some Highlights

  • Sometimes it helps to see the dollars and cents you’ll save when you purchase a home while mortgage rates are low.
  • Today’s low rates mean it’s less expensive to borrow money, so the savings over the life of your loan is significant.
  • Reach out to a real estate professional to determine the best way to position your family for a financially-savvy move in today’s market.
Posted by

I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

Comments (12)

Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I think those rates will fall again and spill over into next year.... this is definitely not the time to raise rates....

Aug 19, 2020 12:18 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Doug Dawes - I bought my first condo in 1977 at 8.5%, then in 1980 things had skyrocketed to 14% but then they came down.  Home ownership should. be taken immediately by young people.

Aug 19, 2020 12:20 PM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

As usual, you and I are on the same page Grant Schneider 

Aug 19, 2020 04:21 PM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Barbara Todaro 

Are you saying you think the rates will fall further or just remain the same into 2021

Aug 19, 2020 04:22 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Doug, when my parents bought their house in 1974 my father was afraid that prices and interest rates would skyrocket.... he was keeping up with MIT reports... funny how things changed.... now keep in mind after the 2008 I never thought we would be seeing 20-30% price increases.... but we did... go figure:)Endre

Aug 19, 2020 09:04 PM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

It's a crazy world we live in, isn't it  Endre Barath, Jr. 

Aug 21, 2020 09:17 AM
Carol Culkin
Diamond Partners Inc - Overland Park, KS
Overland Park Residential Real Estate

I bought my first home in the 80s, it's amazing to see the difference in mortgage interest rates today. We should all be pinching ourselves! 

Aug 21, 2020 10:12 AM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

 It makes me want to remortgage my house just to get the rate...lol 

Aug 26, 2020 05:13 AM
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Doug

And the Fed just announced today that they intend to keep rates low for the foreseeable future, cheers cvc

Aug 27, 2020 01:17 PM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

This is very good news for consumers and our consumer market segment Curtis Van Carter 

Aug 28, 2020 06:52 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Great perspective and I concur, my first home was 1989 and I was in the 12% club too! 

Sep 03, 2020 09:05 PM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Hi Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets It was crazy interest rates in the mid 80's just as crazy as theses days

Sep 22, 2020 12:52 PM