Rutgers (NJ) University Press is the publisher of A History of Interest Rates by Homer & Sylla. Google it and you can buy it on Amazon. According to the authors, the average mortgage rate in 1945 was 4.7%. I'm no youngster, and I came along in '48.
4.7% for a 30 year fixed rate? I locked a client this past week on a cashout refinance at 4.75% on a 30 year fixed rate mortgage, at less than 60% loan to value. 1 point origination, no discount points. No junk fees. That was Thursday, and the next day, that rate had evaporated.
Friday, rates were up again, but I believe they will ease this coming week. I'll come back and let you know whether I'm a hero or a goat!
___________________________________________________
I'm Mike in Tucson, your preferred Tucson, AZ Mortgage lender.
Think of me as your Tucson mortgage expert.
Call me if I can help you with a purchase or refi mortgage;
(520) 349-9090
Yep, will be watching these rates. Have a buyer that should be calling for a pre-approval next week.
I think they will be down again next week too. Definately will be time to lock in a rate.
Mike,
"I'm no youngster, and I came along in '48." I go back to 48 also, but in the morning when I call my parents I'll feel like a kid!
We can't tell the consumers often enough that they should buy now! 4% is as artificially low as it is wonderful, but inflation is coming like nothing any American ever saw this side of our Southern boarder!
(I wounder if we could get a deal from Mexico for those stamp they used to make one peso note 1,000 peso notes? I'll bet they stil have them. Shouldn't one third world country help another?)
Bill
I'm staying tuned, Mike! I cannot believe that it's been that long! And, hey, we're all living through a very different time and just have to stay positive and keep doing what we can to accomodate our clients in an incredibly different economic environment. There's nothing that you and I can do about it--but, we can learn to be flexible and positive, right?!
I've heard rumblings that the rates will drop next week too.
Kate,
Thanks for stopping by; your smile always makes my day!
Debe,
Flexible and positive is the name of the game!
Bill,
I believe you're right about the coming inflationary freight train!
Chuck,
We'll see! Thanks for commenting.
Ron,
Thanks for being the first to comment, and good luck with that buyer!
Mike in Tucson
I stand behind this guarantee 100%.
Rates will ALWAYS
PS 4.7% for a 30 year fixed rate mortgage? Speechless
PPS Yes, yesterday WAS a great day, thanks. Yours will be today too.
GOOD MORNING MIKE! No junk and 60% LTV! You are a hero!! How are the rates for lots and construction loans? -- Gab
However, I would suppose excellent credit is required??
One problem we're seeing is that some of our clients managed to get their credit rating messed up over the last year or so (credit card companies reduce limits for no good reason, blah blah blah, you know the story.) :-)
It is getting to be a real adventure in real estate and the mortgage business. I would just like to see some consumer confidence.
Good info, Mike! I'm sure we will all be watching the market this week. SO much going on in our world.
Hi Mike: I watched that rate reversal Thursday and Friday. We got a very nice drop Thursday on the news of the Fed $ 1.2 Trillion injection then they popped right back up Friday. A follow through this weekwill be a vote of confidence in the Fed and the future of the economy.
:)
With low rated and the first time buyer credit now seems to be the time to buy.
Take away from the RE Tech South conference in ATL ... instead of the normal 'realtor mantra' of "It's a Buyer's Market" .... It's a Smart Money Market.
Mike -- you're a hero. At below 5%, another 10th of a point cannot matter when avoiding the risk of rates going higher --- with the Fed poring money into the economy, rates cannot stay at this level for long.
Ann,
I'm looking forward to seeing what the bond market does tomorrow morning; thanks for stopping by.
Susie,
I like that! "Smart Money Market."
Terry,
Seems? LOL
Matt,
It's good to see you! Thanks for commenting.
Carol,
We do live in interesting times!
Don,
Me too! :)
CJ,
You're right about the credit scores; this couple was over 800.
Gabrielle,
Lots and construction loans are going begging, I'm afraid. 7% and higher.
Kate,
It's good to see you; that's a sure bet!
Mike in Tucson
Nice low rates. Very low home prices. Lots of homes sitting on the market.
Its a great time to be looking at buying.Even I am looking at doing a new home with the rates as low as they are.
Laura,
You go, girl! Buy a house!
Kevin,
Yes they are; the stock market's up significantly this morning, but bonds were unchanged early. It's going to be an interesting week for sure!
Mike in Tucson
And so, which are you?
Ann,
I just locked the father of an out-of-state Active Rain Loan Officer at 4.49%, fixed 30 years, with one point origination and .0023 discount. No PPP, no junk fees. If he keeps making the dollar payment he's presently making, the new loan at 4.49% will be retired in nine years and eight months.
I'm no goat!
Mike in Tucson