Mortgage Rates have been falling the past few weeks and are near the all time lows we experienced back in April. For most of this year we have been in a period of historically low rates. Just how low are these rates? Compared to a few decades ago they are microscopic. I researched the history of 30-year fixed-rate mortgage over the past 35 years to provide you a historical perspective of mortgage rates. The following is data I gleaned from the Freddie Mac Primary Mortgage Market Survey Archives:
October 1, 2009 | 4.94% |
August 27, 2009 | 5.14% |
June 25, 2009 | 5.42% |
October 2008 | 6.20% |
October 2007 | 6.38% |
October 2004 | 5.72% |
October 1999 | 7.85% |
October 1989 | 9.95% |
October 1984 | 14.13% |
October 1981 | 18.46% |
October 1979 | 11.64% |
October 1974 | 9.98% |
As you can see we are in a period of historically low rates. To take advantage of these extremely low rates fill out an Chosad loan request form, or give us a call at 604-916-2321.