The History of Interest Rates

Things in the financial markets and the economy have been a little crazy in the last few weeks. This is why I take this opportunity to circle back around and remind you that THIS IS AN AMAZING TIME TO BUY A HOME! I wanted to share with you some past history about the way rates were over the last 20 years and at their height in the 80’s and how they compare to rates today.

If you just look at a $200K loan payment and compare the monthly payments based on the rates, you will find that…
Today the rate is 6%, and you would pay $1199.10 on that loan per month
Over the last 20 years, the average rate is 8.5%, and you would pay $1,537.33 on that same loan amount per month.
When rates were highest in the 80’s, they rose to 12%, and you would pay $2057.23 on that loan amount per month.

As you can see, historically, a rate of 6% is amazing compared to the past rates of 8.5% and 12%.

If you are in the market to buy, now is the time. You have GREAT RATES, and HUNDREDS of homes to choose from! It doesn’t get better than this! Pair that with the fact that the Amy B Sells Team has a solid relationship with the Safest Bank in the US, Wells Fargo.

As a Realtor that sells over 35 homes a year, every year, I can tell you, I have seen some crazy things in this market, and I have negotiated for buyers benefits that have not been seen before. I am ready to help you, if you are ready to take advantage of the huge supply of homes, and the great rates that remain. Give me a call at 513-377-3637 or email at amy@amybsells.com to get started along the road of home ownership!

Sources:

eXp REALTY OHIO – ALL INFORMATION PROVIDED IS DEEMED RELIABLE BUT IS NOT GUARANTEED AND SHOULD BE INDEPENDENTLY VERIFIED. PROPERTIES SUBJECT TO PRIOR SALE OR RENTAL. COPYRIGHT © 2017 · CINCINNATI REAL ESTATE – AMY B SELLS TEAM

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