Am I the only one thinking that mortgage interest rates are still crazy low? Just look where we started in 1991 with a yearly average rate of 9.25% falling to 7.33% in 1993. After 1993 the rates bounced around with a low in 1998 of 6.94% then lowered further hovering around 6% until 2009 to a rate of 5.04% then down further to 4.69% in 2010. So far this year we are looking at a first quarter average of 4.85%.
How long rates will remain this low is anybody’s guess. But this history of mortgage interest rates demonstrates just how historically low rates are. Look where rates were in the early nineties – then look what happened!
Hope this information provides food for thought for any of you wondering if now is a good time to get off the fence regarding a real estate investment. With the prices of homes still declining, it is a great time to buy. Seasoned investors, primary and second home buyers are all back in force buying well priced properties.
The property pictured above was sold in less than 30 days to an investor who will see a ROI of approximately 18%.