1963 Mortgage Interest Rates
You've probably heard it countless times in the last year or so: "Mortgage Interest Rates at Historic Lows!"
What does that even mean?
How about this perspective instead: "Buy a home with 1963 mortgage interest rates."
If you weren't around in 1963, or just don't remember it, well, we certainly know an awful lot of things were far cheaper back then, and mortgage interest rates were, too.
How about a 1963 Chevy Impala with a 327 V-8 engine and automatic transmission? Manufacturer's retail price new was $3,725.75.
Or two dozen oranges for just 89 cents? Gasoline for just over 25 cents per gallon? The price of real estate? The list goes on.
It's incredible to think that in 2010, mortgage interest rates are about what they were in 1963....the year President John F. Kennedy was in office and the year Dr. Martin Luther King Jr. delivered his famous "I Have a Dream" speech.
In fact, at 4.42 percent, average, for a 30-year mortgage, as reported by Fannie Mae, rates are actually slightly below what they were in 1963. That's pretty amazing. There's not much available at the same rate as almost 40 years ago, but 1963 mortgage interest rates certainly apply.
Should you buy a condo or house and take advantage of what could be once-in-a-lifetime low rates? It warrants careful consideration. In fact, one of our fellow bloggers just explored the topic in his post entitled "Why Should I Buy Now?"
Personal circumstances vary, of course. Generally speaking, if you don't have a property to sell first, you're in an excellent position to purchase a house, townhome or condo in the current economy because many sellers have lowered prices and/or provided incentives.
If you have a property to sell first, however, it's important to price it correctly and realistically to reflect the current market. Our condo specialist Realtors can assist with this. Be sure the property is up to date, clean, well-staged and with great curb appeal. Real estate sales may be down in the current economy but there are still plenty of properties bought and sold every day. It takes careful strategy to get it done, with the help of one of our professionals.
And if you're wondering where to find these great mortgage rates, we're more than happy to suggest a great resource, Bank of America. Whether you are looking for condo financing or financing for a house, investment property or other real estate, the people we've worked with at Bank of America are ready to talk with you about your needs. Click the link in the previous sentence to get started.
As you shop for the best mortgage plan for your needs, please know that mortgage interest rates available through lenders fluctuate weekly, sometimes daily, but the overall trend for many months now has been for these rates to be historically low. Interested in a 1963 mortage interest rate? Here's your chance!
