Interest rate History over the past 20 years.... Pretty color chart and all!

By
Mortgage and Lending with HomeBridge Financial Services (NJ) NMLS 248937

 

If you have read my profile you know that I have been in the business for over 20 years, I have seen a lot of ups and downs since the late 1980s both in business and in interest rates. One thing that has always caused me to bite my tongue is a conversation on rates. How often have you heard a client say : "Rates are high"? I just bite my lip and laugh to myself.  My first house I paid over 11% on my loan, and I am in the business!!!

I know that I look at rates today and think they should be lower based on economic conditions.  But historically speaking we are still quite low. The average rate over the past 20 years is 7.68% and for most of this year we have  been solidly in the 6's and keep flirting with the high 5's.  So: DARN IT... Rates are GREAT!!!

interest rate history

And keep in mind that this chart cuts off the REALLY high years in the early 1980's when the rates were well into the teens, So a 30 yr average is even higher.

Things are GREAT! we just need to be focused on the positive aspects we have to deal with and pass that information along to our clients as well.

Have a great day!

Rob

Robert Rauf

Real Estate Mortgage Network

REMN

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Mirela Monte 11/14/2008 12:31 PM
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Rainmaker
583,512
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

When I look at this chart It brings things into perspective. It could be a good tool to use for giving to potential buyers, or for listing presentations...

Nov 13, 2008 02:59 PM #1
Rainer
3,579
Cassie McClure
RE/MAX Fulton - Fulton, MO

Thanks for this post! A great way to look at it, we need all the positive feedback possible! Do you mind if I shoot the chart around in a couple of e-mails?

Nov 13, 2008 04:12 PM #2
Rainmaker
243,231
Troy Erickson
Diverse Solutions Realty www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Thanks for the reality check.  People tend to have a very short memory, and sometimes don't really understand how good they have it.  Yes, times are tough right now for many people who bought homes in 2004-2006, but that too shall pass.  A lot of people got crazy loans (100% financing, and 2 year arms), and put all of their income into their mortgage.  I hope it was a lesson well learned.

Nov 14, 2008 12:13 PM #3
Ambassador
498,520
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estat

Wonderful graph!  Thank you!  I love this sort of thing.  It's perfect for our clients to see exactly where we are at (and hopefully appreciate it).

I am re-blogging this AND posting it on my company website.

BTW, did I also mention:  This is going to the top of the Optimist board.  Thank you Robert!

Nov 14, 2008 12:29 PM #4
Rainmaker
583,512
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Thank you Mirela!

I was also going to make this into a pretty flyer. I think it could be a great tool to add to a listing presentation, or to share with your buyers.

Nov 14, 2008 12:35 PM #5
Ambassador
498,520
Mirela Monte
Buyers' Choice Realty - North Myrtle Beach, SC
Myrtle Beach Real Estat

Robert:  I agree!  With your permission, I think I'll ask my assistant to do just that.

Nov 14, 2008 12:40 PM #6
Rainmaker
583,512
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Sure Mirela, I will email you one once I get a chance to put it together as well.

Nov 14, 2008 12:46 PM #7
Rainmaker
1,004,129
Donald Bradbury
Bradbury Team Prudential Patt, White Real Estate - Quakertown, PA
e-PRO, Realtor - Bucks County PA - 610-952-3578

very interesting post here.  Thanks for this information

Thanks

Don

Nov 15, 2008 10:33 AM #8
Rainer
214,994
Lisa Friedman
Alliance Realtors - Bedminster, NJ
Central New Jersey Real Estate

Rob, Great Chart!  I am also going to re-blog it on my blog too!

Nov 16, 2008 10:16 AM #9
Rainer
214,994
Lisa Friedman
Alliance Realtors - Bedminster, NJ
Central New Jersey Real Estate

P.S.  As an investor, I am always happy with anything less than 8% (all my stuff is under 7.5 with only one or two at 7.5).  I've got a lot of stuff in the 6's that I will NEVER refinance, but to me as long as the rate is in the somewhat reasonable to reality range, I have never been one to nitpick over a quarter here, a half there.  Takes too much of my time to analyze things with a fine tooth comb.  Some people agonize over this stuff!

Nov 16, 2008 10:19 AM #10
Rainer
214,994
Lisa Friedman
Alliance Realtors - Bedminster, NJ
Central New Jersey Real Estate

P.S.S.  Yes, the color chart is pretty!  :)

Nov 16, 2008 10:20 AM #11
Rainmaker
583,512
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Thank You Lisa!  sleeping better???

Nov 16, 2008 10:22 AM #12
Rainer
214,994
Lisa Friedman
Alliance Realtors - Bedminster, NJ
Central New Jersey Real Estate

A resounding 'Yes'!

Nov 16, 2008 10:33 AM #13
Rainer
214,994
Lisa Friedman
Alliance Realtors - Bedminster, NJ
Central New Jersey Real Estate

After six sleepless nights, slept 25 of 34 hours.  I should write a blog post on caffeine!

Nov 16, 2008 10:34 AM #14
Rainmaker
583,512
Robert Rauf
HomeBridge Financial Services (NJ) - Toms River, NJ

Hopefully you get to a more normal schedule this week! 

I am off to visit some Open Houses today.. Wish me luck!

Nov 16, 2008 10:37 AM #15
Rainer
214,994
Lisa Friedman
Alliance Realtors - Bedminster, NJ
Central New Jersey Real Estate

Luck!

Nov 16, 2008 10:42 AM #16
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