I've been in this business for 17 years now.
When I started, mortgage interest rates were right around 6%, which was amazing, given that they had been up above 8% just three years prior.
But then, after major housing market adjustments in 2007 and 2008, mortgage interest rates started dropping. They kept on going down until they were just below 4% in 2012. This was, again, amazing!
We then actually saw some ups and downs between 2012 and 2018 -- though rates generally stayed between 3.5% and 4.5%.
And where do we find ourselves now?
Below 3%!
Again, amazing!
Current average interest rates are 2.78% -- and I have had clients buy homes this year with fixed rate mortgages as low as 2.5%.
If you happen to be buying a home (or investment property) right now you are going to greatly enjoy the low rates that you will be able to lock in for years to come!
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