Mortgage rates have increased slightly in the last couple months but overall, today’s rates are still affordable.
Here’s a brief? history of 30 year mortgage rates for the last 20 years.
In 1990, rates averaged 10.5%. Rates showed a steady decline year to year until 2004. Rates in 2003 where around 5.6% then jumped to6.4% in 2004. Rates declined again to 5.8% 2005. The roller coaster ride continued in 2006 when rates were up to 6.7%. Rates then began a slow decline through 2010.?
Recently rates dipped into the mid 4% range and are now back in the 5% range. Its hard to predict what rates will do in the coming year but rates are still low.
Call me for questions, market trends,? etc.
Carmen S Miller
Century 21 First Choice
Fort Mill, SC
Thanks for the brief, very helpful!
Dave Kinkade says
Carmen, I think the era of cheap money is almost over. If people have any sense whatsoever, they will buy NOW! I think the rates are going to return to those of the Carter years.
Salt Lake Homes says
Very informative! This post will widen home buyers and sellers in the market and how to achieve a good start of investment in the real estate market.