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Mortgage Rates Are at Historic Lows
To define the normal rate of mortgages is to consider historical statistics and analyze them. According to E-RATE, the index rates fluctuated throughout the last three decades: the rates during the 1980s varied from 8.86 to 15.59, the rates during the 1990s varied from 6.59 to 9.85, and the rates during this decade of 2000 have varied from 4.88 to 8.17. The average of the lowest index rate, 4.88 in May of 2009, and the highest index rate, 15.57 in June of 1982, is 10.275. Comparatively speaking, with the current annual mortgage rate in 2010 approximating at 5.0175, the rate is considerably low.
Investors and interested participants in real estate may try to predict where the interest rates would go: Will the interest rates stabilize for now? Will the interest rates continue to go down? When will the interest rates go up again? Researching historical numbers and evaluating housing market trends are good indicators in establishing conclusive answers. Over the last three decades, mortgage interest rates have steadily decreased: the median rate in the1980′s was 12.225, the median rate in the 1990′s was 8.22, and the median rate in the 2000s so far is 6.525.
Mortgage Rates Fall on Poor Job Growth: Bankrate.com Report
Mortgage rates fell this week over disappointment over March’s job growth numbers and uncertainty about the ongoing debt crisis in Europe and slower projected growth in corporate earnings, Bankrate.com reported Thursday in its weekly national survey.
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