The last time interest rates on fixed rate, 30 year mortgages were this low, Joe Frazier was still the World Heavyweight Champion, and the main contender was still known as Cassius Clay.
Freddy Mac's weekly mortgage rate survey began in April of 1971. During that time, 30 year fixed rates have never been lower than they are right now. Never!
It's the best news you can imagine if you're in the market to refinance your present mortgage, or if you're in the market to buy a home.
That's not to say that there won't be hurdles. The very best rates are reserved for the lowest risk borrowers. But even borrowers with credit issues in the past can expect to benefit from the current climate.
If you're an Arizona homeowner or buyer, and you would like to talk, call me at (520) 320-3683, or email me at email@example.com. Please put the words ACTIVE RAIN in the subject line of your email so I'll know it's not spam and delete it by accident!
I've been in the office since 5:30 this morning. Time's a'wastein'! Grab that phone.
photo courtesy of Life Magazine & Google