Here is some perspective on current interest rates: Over the past fifty years the average interest rate on 30-year fixed rate home loans have averaged out to 8%. I bought my first house in 1983 with a 14% FHA loan, and was grateful to get 14% because conforming loans were 16%+. I bought my next house using an Adjustable Rat Loan (ARM) at 7.25%, and my rate adjusted each year in May; fortunately we were experiencing a declining bond market, so my rate slowly dropped into the 5% range over seven years. My next house came with a 9% fixed rate mortgage. The home in which we are living now has a 2.5% rate. Even if rates double to 5% over the coming years, we will still be three points lower than the average rate.
Markita Woods
Loan Officer and Branch Manager
Northern Virginia suburbs of Washington DC
NMLS#196099
American Financial Network
703-929-2274
3002 Old Bridge Road, Suite A
Woodbridge, VA 22192
Equal Lending Opportunity
