The lowest mortgage interest rate was in late 2012, average interest rates for a 30-year fixed-rate mortgage hit 3.31%. Rates for 15-year loans sank below 3%. (Clearly, our recent rates are still quite low, historically speaking.)
The highest mortgage interest rate painted quite a different picture: In late 1981, the average interest rate for a 30-year fixed-rate loan hit 18.45%!
This should put things in to perspective. Present rates are very close to the historical low. Working with a Mortgage Broker [versus banker or mortgage banker] will offer the widest array of lending and program options as well as competitive pricing.
Call Amy for more information. 425-466-1853 | Amy O’Brien | MLO WA State 85346.