By: Alison Paoli, Zillow PR Coordinator June 9, 2009
In the past few weeks, we have seen mortgage rates rise above 5.5% for a 30-year fixed loan from the sub-5.0% levels we have enjoyed over the past few months. And though it may seem like a big jump over a short period of time, I thought it was worth a glance back in history to see what rates once were to remind us that they are still historically low and that we are still getting a better deal than home buyers did back in the early 80’s.
The real-time rate as reported on Zillow Mortgage Marketplace at this very moment is 5.65%. Yes, it is higher than rates we have seen in past few months, but considerably lower than rates over the past 30-40 years.
Take a look at the image below. The graph ends in October of 2008 but even then, at one of its lowest points, it was at 6.0%.
So the bottom line is, if you are planning to buy or refinance in the near future, you can bet your bottom dollar that you will be getting a historically low interest rate.
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