Thank you to Jay Thompson, Facebook friend and fellow real estate blogger, for compiling this chart comparing 30 year fixed mortgage rates for the past 30-odd years and allowing me to share it with my readers. If you visit his site, you will find additional charts detailing home loan rates for 15 year fixed and ARMs.
I think we are all aware that current mortgage rates are, and have been for years, the lowest ever. With the Fed poised to lower rates yet again very soon, one must wonder how long this low cycle will last. If things stay in line with the apparent 6-9 year cycle shown on this chart, not for very long-another couple of years, maybe. But that is just speculation.
I do wish I could figure out though, why this positive aspect of the real estate market does not get as much play in the media as the negative generalizations we are bombarded with every day? Why are we (they) not encouraging average-Josephina consumer out there to take advantage of the incredibly good home financing rates that are available right now?