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Mortgage rates remain at historic lows

Interest Rates At Historic Lows

Sometimes we get all caught up in the daily or weekly fluctuations in mortgage interest rates and don't step back and look at it in the historical sense.  If there is any doubt as to whether this is a good time to buy a home, take a look at the chart below.  WOW!  How many out there remember trying to get a mortgage when rates were pushing up toward 18%?  Unfortunately I do, shhhhh!

The chart was created from historical data published by Freddie Mac.

Absorption Rate Chart (right click and select

Visit www.KauaiRocks.com for Hawaii real estate information

Richard Dolbeare, REALTOR-ASSOCIATE

Richard Dolbeare
REALTOR-ASSOCIATE®
Accredited Buyer Representative & e-PRO
Century 21 All Islands, the #1 brokerage on Kauai
(808) 651-4550
(866) 757-8239 (FAX)

Richard T. Dolbeare, R(B) photo

 

Richard T. Dolbeare, R(B)

Keller Williams Realty(808) 651-4550

Aloha@RichardDolbeare.com 

www.MauiSandCastles.com and www.KauaiRocks.com 

 Hawaii multi-island specialist, Maui & Kauai
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Comment balloon 4 commentsRichard T. Dolbeare • March 29 2008 05:40PM

Comments

Hey, Richard -

I would bet you really miss shoveling snow by now!

Next winter - you have a standing invitation to visit us here in Chicago, in January or February.  We'll bring you back to reality very, very quickly.

Here's the problem we've found quite recently - those great low rates, only those with TOP CREDIT SCORES (often 720 or better) qualify for them.  Most of the rest get slightly higher rates, with higher down payment requirements if their credit has taken a few dings, or if the subject property is in a "declining market," as defined by the appraiser.  And many more qualifying hurdles to jump over.

The problem today is notinterest rates.  It's the lack of equity buyers have in their old homes, plus their  lack of confidence in the economy, and the increasing challenge of getting a strong pre-approval unless you're close to perfect.

This is a tough one here in Chicago.  We hope currently-high inventory levels fall as prices continue to moderate here - and that will spur demand, and restart the cycle of a stronger market!

Aloha - from the Cool, Crispy North!

DEAN & DEAN'S TEAM CHICAGO

Posted by Dean Moss, Dean's Team Chicago IL Real Estate Team (Dean's Team - Keller Williams Realty Partners Chicago IL) over 10 years ago

Richard,

Thanks for the post.... Couldn't agree more - I think rates have been low for so long now that the perspective on what truly represents a high rate has been somewhat lost....  Anything under 7% is actually very good by historical standards

Posted by Artisan Custom Estates (Artisan Custom Estates) over 10 years ago

Wow....this is pretty "graphic" tosay the lease.  All buyers should view this chart when looking for a house.

Patricia Aulson  Hampton NH Real Estate    

Posted by Patricia Aulson, Realtor - Portsmouth NH Homes-Hampton NH Homes (BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate ) over 10 years ago
The low rates have been keeping things moving.  I haven't had the problems getting my clients financing that others from the mainland seem to be having.  Possibly the difference is I traditionally work mostly with local funding lenders.
Posted by Randy Prothero, Hawaii REALTOR, (808) 384-5645 (eXp Realty) over 10 years ago

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