Interest Rates Haven't Been This Low Since Smoking Joe Frazier was Boxing's Heavyweight Champion!

By
Mortgage and Lending with SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) NMLS 223495

Joe Frazier in 1971, courtesy of Life Magazine & GoogleThe last time interest rates on fixed rate, 30 year mortgages were this low, Joe Frazier was still the World Heavyweight Champion, and the main contender was still known as Cassius Clay.

Freddy Mac's weekly mortgage rate survey began in April of 1971.  During that time, 30 year fixed rates have never been lower than they are right now.  Never!

It's the best news you can imagine if you're in the market to refinance your present mortgage, or if you're in the market to buy a home.

That's not to say that there won't be hurdles.  The very best rates are reserved for the lowest risk borrowers.  But even borrowers with credit issues in the past can expect to benefit from the current climate.

If you're an Arizona homeowner or buyer, and you would like to talk, call me at (520) 320-3683, or email me at themiraclemike@yahoo.com.  Please put the words ACTIVE RAIN in the subject line of your email so I'll know it's not spam and delete it by accident!

I've been in the office since 5:30 this morning.  Time's a'wastein'!  Grab that phone.

I'm Mike in Tucson, your preferred Tucson, AZ Mortgage lender.
Mike Jones (Tucson Mortgage Company, LLC): Loan Officer in Tucson, Pima County, Arizona
Think of me as your Tucson Arizona mortgage expert.
Call me if I can help you with a mortgage to buy your next house:  (520) 320-3683

photo courtesy of Life Magazine & Google

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Rainmaker
383,261
Bruce Brockmeier
Internet Marketing Consultant to REALTORS® - Yorba Linda, CA
Coached By Crouch

Freddy Mac's weekly mortgage rate survey began in April of 1971.  During that time, 30 year fixed rates have never been lower than they are right now.  Never!

That's awesome!  We might take advantage of these rates.  I remember, years ago, thinking we were lucky to see interest rates drop under 10%.  :)

Dec 19, 2008 09:25 AM #11
Rainmaker
922,994
Larry Brewer - Benchmark Realty llc
Benchmark Realty LLc - Nashville, TN

I've had several people ask me if rates will get any lowe. I wouldn't bet any money on it.

Dec 19, 2008 11:09 AM #12
Ambassador
534,349
Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land a

Hi Mike...Thanks for spreading the good news around.  Keep it up.

Kate

Dec 19, 2008 12:13 PM #13
Rainmaker
575,553
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

It is the right time to get some of this cheap money as soon as the market turns it will go up.

Dec 19, 2008 12:23 PM #14
Rainmaker
552,017
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Mike,

Just read your comment above saying it was 1955 that rates were that low, unbelievable. I can tell you personally my first home loan was made in 1968, our rate then was 6.75 on an FHA loan + MMI of .5%. You mentioned 1971 when they were first tracked, that's the year I began selling r.e. and it seems to me like they were in the 7% range back then. And then there were the days of double digit 16-17%.

It's unbelieveable to me rates are this low. I'm in the process of a home loan myself right now, and you are so right about the "hurdles", picky, picky, picky, but I do understand.

Dec 19, 2008 02:13 PM #15
Rainer
213,991
Doreen McPherson
Homesmart ~ Scottsdale ~ Tempe - Tempe, AZ
Phoenix Arizona Real Estate ~

Boy do I ever wish I was in a place to buy or at least refinance right now.  How nice that would be. 

Dec 19, 2008 03:57 PM #16
Rainmaker
383,261
Bruce Brockmeier
Internet Marketing Consultant to REALTORS® - Yorba Linda, CA
Coached By Crouch

I talked with a Century 21 agent this afternoon who told me interest rates hit 4.5% yesterday, but then bounced higher today.  Whew!  Why are things jumping around so much?

Dec 19, 2008 04:01 PM #17
Ambassador
261,096
Fran Gatti
RE/MAX Integrity - Medford, OR
Managing Principal Broker - RE/MAX Integrity

Mike,

I sure hope this opens things up.  It sounds great.

Dec 19, 2008 04:12 PM #18
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754,103
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Fran,

I expect it will.  Look for Fed Chairman Ben Bernanke to become the hero of the year.  He's a student of the Great Depression, and after initially underestimating the depth of the problem, he's gotten his arms around it.  The guy who still doesn't get it?  Paulson.

Bruce,

The Fed has become the de facto aftermarket  for securitized loans.  They'll stay down for awhile.

Doreen,

It's time to start building another business along with your real estate income!

Lynda,

The big problem for both agents and lenders is showing enough income to qualify.

Terry,

I'm thinking Bernanke is counting on low rates to put new life into the real estate industry.

Kate,

You're welcome!  Thanks for stopping by.

Larry,

At 4.75%, fixed for 30 years, it's no longer about the rate.  It's about getting a great deal on the real estate!

Bruce,

You're old enough to remember that?!  LOL

Jesse,

Merry Christmas to the two of you, too!

Susie,

There's new life in real estate!  Have you attended a local EFTBN yet? 

Karen,

Make hay while the sun shines!

Kent,

Did you meet my friend Ed Johnson at the commercial roundtable?

Mike in Tucson

Dec 19, 2008 07:18 PM #19
Rainmaker
383,261
Bruce Brockmeier
Internet Marketing Consultant to REALTORS® - Yorba Linda, CA
Coached By Crouch

Hey Mike,

My guess is that I'm probably older than you.  3:18 AM???  You sure start your day EARLY!  :)

Dec 20, 2008 02:39 AM #20
Ambassador
754,103
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

1948

Dec 20, 2008 02:43 AM #21
Rainmaker
383,261
Bruce Brockmeier
Internet Marketing Consultant to REALTORS® - Yorba Linda, CA
Coached By Crouch

:::: gulp ::::

You win!  :)

Dec 20, 2008 02:51 AM #22
Ambassador
754,103
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

LOL!  My brain is still 30.

Dec 20, 2008 11:26 PM #23
Rainer
213,991
Doreen McPherson
Homesmart ~ Scottsdale ~ Tempe - Tempe, AZ
Phoenix Arizona Real Estate ~

My brain is still way younger than I am.  It's my body that keeps reminding me of the chronological crap.

Dec 22, 2008 05:41 PM #24
Rainer
132,369
Jon Wnoroski
America's 1st Choice RH Realty Co., Inc. - Green, OH
Summit County Realtor

Mike - This is "prime time" for buyers to take advantage of the current market.  There are some great deals to be had out there and the interest rate is the best we've seen in years. 

Dec 23, 2008 12:02 AM #25
Rainmaker
383,261
Bruce Brockmeier
Internet Marketing Consultant to REALTORS® - Yorba Linda, CA
Coached By Crouch

LOL!  My brain is still 30.

Gotcha beat there.  Mine's about 18.  :)

Dec 23, 2008 03:18 AM #26
Ambassador
754,103
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Bruce,

Watch for speed traps!

Jon,

I'm sending out GFE's in the high 4's!

Doreen,

Where's that new post you've been keeping trapped in that young brain of yours?!  Like they say at Nike, "Just do it!"  LOL

Bruce,

I love winning!

Mike in Tucson

Dec 23, 2008 02:51 PM #27
Rainer
213,991
Doreen McPherson
Homesmart ~ Scottsdale ~ Tempe - Tempe, AZ
Phoenix Arizona Real Estate ~

I have two in waiting as we speak.  One will be unleashed tonight.  In a moment or two.  I see you are now watching.  :)  Thanks. 

Dec 23, 2008 04:03 PM #28
Ambassador
530,235
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estate

Great post Mike!   I loved the title!  Joe Frazier was an icon of boxing, even in Romania, where I was a young kid at the time.

Dec 23, 2008 04:06 PM #29
Ambassador
754,103
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Mirela,

Thanks for the encouragement!  I'll see you on your blog.

Doreen,

Subscribed!

Mike in Tucson

Dec 23, 2008 07:40 PM #30
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