Well, I started this blog almost exactly one year ago when the average FHA 30-year mortgage rate was about 4.05% (1st quarter of 2012). Over the course of 2012, the rate continued to drop all year to arrive at 3.56% by end of November.
This insightful graph covers a 20-year period from 1992 to 2012 for average FHA 30-year fixed mortagage interest rates. The rate in ’92 was more than DOUBLE today’s mortgage interest rate! As you may know, the interest payment is a significant component of your monthly mortgage loan payment, so a drop of even 1% in the rate can have significant impact to your payment.
This graph was furnished by Bob Paulus of PrimeLending, who has provided excellent service to my clients. He’s knowledgeable, personable, and trustworthy. I highly recommend him and his services.
I hope that you’ll get out there and seize some opportunity today!