Mortgage Rates Again At Historic Lows

mortgage rates in mcallen

What Is The Mortgage Rate Currently?

The rates are as low as you will ever see them in history.

If you are renting an apartment or a house or condo…
…You chances for the best rates ever seen in generational lifetimes may be slipping away. I know that seems like a bold statement…but it is true.

The decade of the 1930s marks the most severe depression in our history and ushered in sweeping changes in the role of government. Mortgage Rates in 1910 were at 5.5% for a 30 year fixed loan. This is during the Great Depression!!

mortgage ratesSo when you are trying to decide if the time to buy a home is right…

Just two weeks ago, I posted an article discussing where mortgage interest rates may be heading over the next twelve months. We quoted projections from Fannie Mae, Freddie Mac, the Mortgage Bankers’ Association and the National Association of Realtors. Each predicted that rates would begin to rise slowly and steadily throughout 2016.

Still not convinced? If you look at what the four major reporting agencies are predicting for 2016, it may make the decision for you. The chart below averages the predictions by quarter.

mortgage-rates-03However, shaky economic news and a volatile stock market have actually caused rates to drop six out of the last seven weeks, and have remained at 3.65% for the past two weeks.

mortgage-rates-02So as we come to the end of Feb 2016, the message is clear. Never since 1910 in our Country’s history is today a good time to get a 30 year fixed rate loan and invest in your very own home.

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