Money's Never Been Cheaper
Amazingly 30-year fixed rate mortgages have been hovering for the last several months around 3.85%. The chart above displays the historic proportion of today’s rock bottom interest rates with graphic clarity. MIND-BLOWING. The interest rates of these recent months are below all previous records tracked by Freddie Mac. Mortgage money has never been “cheaper” at a time when home prices couldn’t be more attractive.
These history-making low rates combined with an almost unprecedented drop in home values have made the monthly cost of owning a home today, according to the National Association of Realtors, the lowest since records began in 1971.
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