You’ve probably heard it countless times in the last year or so: “Mortgage Interest Rates at Historic Lows!”
What does that even mean?
How about this perspective instead: “Buy a home with 1963 mortgage interest rates.”
If you weren’t around in 1963, or just don’t remember it, well, we certainly know an awful lot of things were far cheaper back then, and mortgage interest rates were, too.
How about a 1963 Chevy Impala with a 327 V-8 engine and automatic transmission? Manufacturer’s retail price new was $3,725.75.
Or two dozen oranges for just 89 cents? Gasoline for just over 25 cents per gallon? The price of real estate? The list goes on.
It’s incredible to think that in 2010, mortgage interest rates are about what they were in 1963….the year President John F. Kennedy was in office and the year Dr. Martin Luther King Jr. delivered his famous “I Have a Dream” speech.
In fact, at 4.42 percent, average, for a 30-year mortgage, as reported by Fannie Mae, rates are actually slightly below what they were in 1963. That’s pretty amazing. There’s not much available at the same rate as almost 40 years ago, but 1963 mortgage interest rates certainly apply.
Finish this story here : http://www.ownacondo.com/blog/condos/1963-mortgage-interest-rates/
Is now the time to buy real estate in Canon City, Pueblo, Penrose, Florence? The time may never be better! Consult a qualified mortgage lender, google DORA to see if your lender is reconized by the State of Colorado.
Please comment and share!