Thinking of buying? 4% is still an excellent mortgage rate – #reginasingh

rates

Mortgage rates see biggest spike in over 3 years. For those of us with long memories, 4 percent is an excellent mortgage rate:

  • Until May 2010, a 30-year fixed mortgage rate below 5 percent was unheard of, unless the borrower aggressively paid discount points.
  • Twenty years ago, around the time I bought my first house, people were happy getting 7.5 percent.
  • This week 30 years ago, the average rate on the 30-year fixed was 10 percent.

Read more: http://www.bankrate.com/finance/mortgages/mortgage-analysis-111616.aspx#ixzz4QKhw5AgT

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