Although mortgage rates are creeping up from last year, they remain near historic lows! Let's take a look at some of the mortgage rates of the past:
- In the early 1970s, 7% was the norm, spiking above 9% in late 1975, late 1976 and most of 1978.
- Throughout the 1980s, interest rates were rarely lower than 10%! :O
- The 1990s had rates 7-9%.
- It was not until 2000 when rates began to fall. In 2000, we saw less than 9%; in 2001, they fell to less than 8%; and in 2003, they fell to less than 7%.
- It was not until 2010 when rates fell to the 4% range.
While a year ago today, the 30-year fixed-rate mortgage averaged 3.62%, the 4.39% 30-year fixed rate mortgage this week really does seem low when we look back 10 years and greater. The 15-year FRM this week came in at 3.39%, down from 3.50% last week. The 15-year FRM averaged 2.89% a year ago.
You can find out the current average mortgage rates at Bankrate.com while we at Gulf Coast International Properties are here daily to help you take advantage of these lower rates in the Naples market!
Please let me know if I can be of help at any time: [email protected]