Here’s a brief history of 30 year mortgage rates for the last 20 years.
In 1990, rates averaged 10.5%. Rates showed a steady decline year to year until 2004. Rates in 2003 where around 5.6% then jumped to6.4% in 2004. Rates declined again to 5.8% 2005. The roller coaster ride continued in 2006 when rates were up to 6.7%. Rates then began a slow decline through 2010.
Recently rates dipped into the mid 4% range and are now back in the 5% range. Its hard to predict what rates will do in the coming year but rates are still low.
Call me for questions, market trends, etc.
Carmen S Miller
Century 21 First Choice
Fort Mill, SC