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Keeping Interest Rates In Perspective

Ah ... remember the "good old days?"  How about 1984, when 30 year fixed rates hit 13%+?  OK, maybe not so good.  From 1985 through most of 1991, the same 30 year rate dropped from 11% to around 9%, so maybe better.  With a notable peak in 1994 of around 9%, there was a general slide down to the neighborhood of 7% in 1998.

The 30 year fixed rate ran back up from 1998 into 2000, to around 9%.  Then it turned around and dropped to an amazing low, fluctuating around 6%.  It continued to move around that 6% to 7% area all the way into the beginning of 2008.  We were all pretty happy about those rates, and that's the period when a whole lot of homes were purchased and prices were rising.

From 2008 into 2009, rates hovered around between 5% and 6%, more at the high end than not.  Then we were treated to the current slide to 4.2% to 5% for the last six months or so.  Recent increases have received a lot of press.  And, some analysts are now predicting a rise to just over 5%, with a holding pattern at that level through at least most of next year.  However, all of the hand-wringing about this increase isn't really realistic, as it's still at the low end of more than 20 years of history.

So, if you haven't been able to buy a home in the last few months, but you want to, you're still in a period of mortgage interest rate heaven. 

Casey Moseman, CMPS
®, NMLS #177506
Mortgage Planner
Direct: (702) 271-1274

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