Save about 62% from 1981 mortgage rates. The average home buyer in 1981 paid 16.9% for their mortgage interest rate. Prices also fell dramatically in 1981 from their previous highs.
Those who recognized this as temporary and purchased a home then were greatly rewarded for their confidence in the future. Prices came back and continued to rise. They also refinanced those high mortgages after a relatively short time. Sometimes a little historical perspective is interesting and helpful. In the article "Mortgage Money On Sale" you can view a chart illustrating annual interest rates from 1981 through the present. 5.1% available today sure looks better than 16.9% in 1981. Maybe you should consider refinancing your present rate; or use these rates on a new purchase. Another article in the "Cincinnati Enquirer", "Market Conditions Perfect" talks about other benefits that may be available currently.
Those who recognized this as temporary and purchased a home then were greatly rewarded for their confidence in the future. Prices came back and continued to rise. They also refinanced those high mortgages after a relatively short time. Sometimes a little historical perspective is interesting and helpful. In the article "Mortgage Money On Sale" you can view a chart illustrating annual interest rates from 1981 through the present. 5.1% available today sure looks better than 16.9% in 1981. Maybe you should consider refinancing your present rate; or use these rates on a new purchase. Another article in the "Cincinnati Enquirer", "Market Conditions Perfect" talks about other benefits that may be available currently.
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