Should Interest Rates Scare You?

 If you look at historical data on averages of home mortgage interest rates, you should realize that we have been here before.  

·        1970’s – The average home mortgage interest rate was 8.5%,but it rose to 12.9% at the end of the 1970’s.

·        1980’s – The average home mortgage interest rate was 9%; however it peaked at 18.4%.

·        1990 ‘s - The average home mortgage interest rate was 10.13%.

·        2000’s – The average home mortgage interest rate ranged from high 5% to low 6%.

·        2010’s – The average home mortgage interest rate ranged from 3.45% to 4.87%.

·        2020    - The average home mortgage interest was 2.68% due to COVID.

·        2021    - The average home mortgage interest ranged from 2.7% to 3.10%.

·        2022    - The current home mortgage interest is 6.92% and has been as high as 7.1%.

Really interest rates should not scare you.  Owning a house is still a better investment than renting. Talking to a good lender will aid you in determining what you can comfortably afford.  If there are any issues with your credit, the lender can advise you on how to help make your credit score better.

My husband and I have purchased 3 homes in our 42 years of marriage.  Our interest rates varied from 12.5% to 7% to 8.5%.  They were all good investments and wonderful places to live and raise our family. Remember you MARRY the House but DATE the interest rate.   If rates drop, you can always refinance.

If you’d like to read more about this: Historical Mortgage Rates: Averages and Trends from the 1970s to 2022 - ValuePenguin

As always, I am here if you need any real estate help whether buying or selling. Please give me a call or text at 678-656-6627.  
www.PamSantoro.com  -  Remember “No One Sells A Home Like A Mom!”

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