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Monthly Mortgage Interest Rates Over The Last 40+ Years

4/2/2014

2 Comments

 
I was surfing around and stumbled across this Freddie Mac chart.  It dates back to 1971 and documents the average monthly interest rate for a 30-year conventional mortgage.  It reminded me of a conversation I had with my late father back in the day.

It was about 1984-1985 and I was just starting out in the appraisal field.  I was sitting at the dining room table writing a report when my father walked in.  He looked over my shoulder to see what I was doing.  Then he sat down and we started talking just about real estate in general.  I'll never forget when he said, "When your mother and I bought this house, our interest rate was 5%."  WHOA!!!  5%?!?!  I flipped.  I couldn't believe it.  At the time, mortgage rates were in the 13-14% range.  I recall telling my dad that when he bought the house
(mid-1960's), it was back in the "old days" and 5% rates were maybe the norm then, but not anymore.  I assured him they would NEVER get that low again.   

Well, I was wrong.  Rates today are right around 4.5%
for a 30-year fixed and they even got as low as 3.35% in late 2012.  My father bless his soul, passed away in 1997.  So he wasn't around to see me eat my own words. 

Yeah, I know.  Never say never.

2 Comments
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5/22/2018 03:03:25 am

These interest rates are soo fluctuating. It is soo irritating. Well thank you soo much for sharing such useful information and making my life easier.

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