Historic Interest Rates

Posted at 8:05 AM, Sep. 11, 2006

Traditionally over the years interest rates have flucuated....when we purchased our first home in 1970 the interest rate was just a little over 9%.  We assumed three loans on a home purchased in 1980 with varied interest rates from 12% to as high as 18%!  Within 2 years we refinanced those 3 loans into one with a 13% interest rate.  All these "average" rates at the time. 

Granted rates are a little higher than they were a couple of years ago...but today's rates are just below 7%....a bargain compared to the 9% to 18% of the 1970-1980's