Share: 

15 & 30-Year Mortgage Rates: Impending Doom or Minor Inconvenience

September 24, 2018

 

Houses are a big monetary decision. Knowing how good we have it now compared to historical mortgage rates promotes a healthy home buying perspective.

With the conflicting reports on the rise of mortgage rates I decided to ask an expert and share these answers with you. I went directly to Pete Green, Branch Manager, Atlantic Bay Mortgage NMLS 173121, and asked Pete to help my readers wade through the myths and facts about what’s happening with 15 and 30-year mortgage rates. Here’s what Pete had to say when I asked him what prospective home buyers in Delaware should know about the rates.

You may have heard or read from financial news agencies how mortgage rates are on the rise and these rates are at their worst. Friends may say their mortgage rates 10 years ago were better than they are now and it’s better to rent until the market calms down. The facts are neither of these statements are accurate. Let’s dive into the history of rates to get a better perspective on what is really going on with rates.

Know Your History

Freddie Mac has recorded both 30- and 15-year mortgages for several years. For 30-year mortgages, the data goes back to 1971 whereas 15-year mortgages started in 1991.

historical mortgage rates chart
1Data provided by Freddie Mac via http://www.freddiemac.com/pmms/pmms30.html

This chart shows the volatility of rates from 1971 through the credit crisis in 2008 and brings us current to today. For 30-year mortgages, the highest recorded annual average happened in 1981 at 16.63%. For 15-year mortgages, the worst year was actually the year...

To read the full blog post, click here.

 

You can check us out. We’re on FacebookGoogle+ and Linked-in. Watch us on YouTube, too. Our real estate Agents, most of us are Baby Boomers who relocated to Delaware from elsewhere in the states, are armed with the most current information on Delaware’s Neighborhoods and New Home Communities.

We focus on our clients - the 65,000 Baby Boomers, or at least the ones that would like to live in Delaware or already do. We Specialize In Buyer Representation of New Homes and Resale Homes in Delaware.

✔Active Adult Communities
✔Waterfront Communities
✔Golf Communities
✔In-town and Historic Districts

For more information regarding this property or any other properties in Delaware, visit www.ActiveAdultsDelaware.com or contact Active Adults Realty at 302-424-1890, or via email to
Broker@ActiveAdultsRealty.com