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 themiraclemike@yahoo.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.
I'm Mike in Tucson, your preferred Tucson, AZ Mortgage lender.
Think of me as your Tucson Arizona mortgage expert.
Call me if I can help you with a mortgage to buy your next house: (520) 320-3683
photo courtesy of Life Magazine & Google
Interest rates yes...But that picture!!!! I have not thought about Ali/Frasier in years. Hunter Thompson call Frasier "the human hamburger"! Wait we were talikng about intersest rates falling...right? I better get to work myself!
I think that many people are on the fence until Obama takes office. Rates are low and prices are low.
Remo,
My clients aren't on the fence! They're buying homes and refinancing.
Russell,
Easy, boy! It's not time to get sidetracked. LOL
Mike in Tucson
Mike - I honestly wished I was in the buying position right now. I am so excited about the the prices these properties are and interest rates these low, I got to be insane not to be buying. We just have a financial goal to pay off the house before we do anything else.
PS: I like the way to laid out your comments. It's different and it's easy to read.
Remo,
Your clients need to get off the fence.
I have never understood waiting for a President to take office in order to determine buying a home.
If you want to buy, rates are low, and home values are affordable - what does any of that have to do with Obama taking office in 30 days?
Mark,
I couldn't agree more.
Lorena,
Thanks! Easy to read is the idea.
Mike in Tucson
I was at a commercial roundtable yesterday & one of the members had researched the prime rate - it hasn't been this low since 1955!
Mike - Isn't this a wonderful opportunity for some of your existing customers who may have been thrilled to turn a 30yr fixed at 5.75% in to maybe 4.75%, and could now improve on that dramatically at a time when who wouldn't want to trim their household budget? Price increases happening again, so hopefully the fence sitters don't miss out again...
I should have called you since you were in the office so early! Working hard on new horse website! Hope you and your darlin' have some fun planned for Christmas, and that the New Year is especially good for you! Lots of talk about the rates now.
The drop in rates have certainly made a few of our fence sitters jump off... a swelling inventory, low rates and seller concessions... a winning combo for buyers if ever there was one. Merry Christmas Mike!
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!
That's awesome! We might take advantage of these rates. I remember, years ago, thinking we were lucky to see interest rates drop under 10%. :)
I've had several people ask me if rates will get any lowe. I wouldn't bet any money on it.
Hi Mike...Thanks for spreading the good news around. Keep it up.
Kate
It is the right time to get some of this cheap money as soon as the market turns it will go up.
Hi Mike,
Just read your comment above saying it was 1955 that rates were that low, unbelievable. I can tell you personally my first home loan was made in 1968, our rate then was 6.75 on an FHA loan + MMI of .5%. You mentioned 1971 when they were first tracked, that's the year I began selling r.e. and it seems to me like they were in the 7% range back then. And then there were the days of double digit 16-17%.
It's unbelieveable to me rates are this low. I'm in the process of a home loan myself right now, and you are so right about the "hurdles", picky, picky, picky, but I do understand.
Boy do I ever wish I was in a place to buy or at least refinance right now. How nice that would be.
I talked with a Century 21 agent this afternoon who told me interest rates hit 4.5% yesterday, but then bounced higher today. Whew! Why are things jumping around so much?
Mike,
I sure hope this opens things up. It sounds great.
Fran,
I expect it will. Look for Fed Chairman Ben Bernanke to become the hero of the year. He's a student of the Great Depression, and after initially underestimating the depth of the problem, he's gotten his arms around it. The guy who still doesn't get it? Paulson.
Bruce,
The Fed has become the de facto aftermarket for securitized loans. They'll stay down for awhile.
Doreen,
It's time to start building another business along with your real estate income!
Lynda,
The big problem for both agents and lenders is showing enough income to qualify.
Terry,
I'm thinking Bernanke is counting on low rates to put new life into the real estate industry.
Kate,
You're welcome! Thanks for stopping by.
Larry,
At 4.75%, fixed for 30 years, it's no longer about the rate. It's about getting a great deal on the real estate!
Bruce,
You're old enough to remember that?! LOL
Jesse,
Merry Christmas to the two of you, too!
Susie,
There's new life in real estate! Have you attended a local EFTBN yet?
Karen,
Make hay while the sun shines!
Kent,
Did you meet my friend Ed Johnson at the commercial roundtable?
Mike in Tucson
Hey Mike,
My guess is that I'm probably older than you. 3:18 AM??? You sure start your day EARLY! :)
1948
:::: gulp ::::
You win! :)
LOL! My brain is still 30.
My brain is still way younger than I am. It's my body that keeps reminding me of the chronological crap.
Mike - This is "prime time" for buyers to take advantage of the current market. There are some great deals to be had out there and the interest rate is the best we've seen in years.
LOL! My brain is still 30.
Gotcha beat there. Mine's about 18. :)
Bruce,
Watch for speed traps!
Jon,
I'm sending out GFE's in the high 4's!
Doreen,
Where's that new post you've been keeping trapped in that young brain of yours?! Like they say at Nike, "Just do it!" LOL
Bruce,
I love winning!
Mike in Tucson
I have two in waiting as we speak. One will be unleashed tonight. In a moment or two. I see you are now watching. :) Thanks.
Great post Mike! I loved the title! Joe Frazier was an icon of boxing, even in Romania, where I was a young kid at the time.
Mirela,
Thanks for the encouragement! I'll see you on your blog.
Doreen,
Subscribed!
Mike in Tucson