Don’t wait for interest rates to drop!
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Mortgage interest rates for new homes have not been below 5% since before the 1950s, when they hovered
between 5 – 5.5%. Since Freddie Mac began tracking weekly rates in 1971, interest rates did not fall below
six percent until April 2008. Interest rates were at an all-time low of 3% when Fannie Mae was created in
1938 by FDR. Rates are at historic lows so the time to purchase a new home is now.
» 30-Year Fixed-Rate Mortgages since 1971 (28kb PDF, opens in a new browser window)