godged
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The under 5% rates we saw at the first of the year will likely NEVER return. That was a historic time, smart buyers knew that and took advantage.
Considering where interest rates have been in the 80's and 90's, six and seven percent looks pretty darn good. |
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uststrainer
 |
Yes, but it will be a while. Mortgage rates are linked to the Prime rate, the interest rates at which the Federal Govt loans money to Banks. the Fed changes the rates to manipulate the economy. When we have a runaway inflation or deflation, the Fed will increase or decrease the rates.
In 1979, during the Carter Administration, interest rates for my parents was 14%. My parents purchased anyway because the price of renting was above 85% of mortgage. They refinanced a few times. I don't know if my parents bought during historic high, but I lucked out with the historic low. Dont buy a house just because of interest rates, you should compare it to rental rates. My first house was 8.5% in 1996. My second house was 8.125 in 2001. I got my 30 fixed refinance at 5 and 1/8 in 2003. Mortgage went down enough to buy a Honda 954. |
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golferwhoworks
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no one knows for sure but they aren't bad now |
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Tim
 |
My first house was at 16.25% in the early 80's. Interest rates always change, going up, then down.
It depends on the economy.
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BRIAN8474
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It will always be changing. |
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MoneyMatters101.com
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Interest rates fluctuate because of economic conditions. The Federal Reserve Board (FED) looks at the health of the economy as a whole and then makes a determination as to whether interest rates are raised, lowered, or if they remain where they are.
Where interest rates are today may be totally different in 6 months, up or down, depending on how the FED views the status of the economy when they meet again. |
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Raymon
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Thats LOW. What chu talkin bout ? |
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Biggie @ Arbor Mortgage
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Eventually, yes they will go down. |
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eastwoodelvis
|
If inflation is controlled then yes... |
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Barb
|
I know some people in Cape Coral, FL. Their mortgage went down. |
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shadowatdustcatcher
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Unfortunately, we are looking at unsteady economic conditions for the next 4-5 years. It's a crap shoot. (unless you are at the very high end, then it doesn't matter.) |
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xxx
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I don't think so. Maybe in 5-8 years... |
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Marysue
|
6-7% is still historically low. Ten years ago, rates were easily 10% or more.
I’d like to see them rise, since returns on investments are also being held down right now. I’m ready for my money to make some money again!
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♥summer_baby♥
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it is estimated to go back down in a year or two (: |
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Special K
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I have a feeling our econmy is going to be screwd for a long time. With the war and all the bad loans the mortgage companies approved. Its going to get worse before better!!! |
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rachael s
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Mortage rates will go down again. They fluxuate with the economy. |
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pre-vet
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The american dollar is extremely low currently, i am sure mortgage will be down...eventually, we just need our economy to get better. |
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Joel C
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No. The world is going to explode in exactly 48 days, 17 hours, 16 minutes and 42 seconds...41 seconds, 40 seconds...39 seconds... |
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*FreedoM
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unfortunately no hun, it wont go down for a long time. |
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