Interest Rates on 30-Year Loans Rise, but Buying Opportunities are Still Outstanding

A recent report from Freddie Mac indicates that interest rates on 30-year fixed rate real estate mortgage loans, including those for Sylmar real estate, have risen slightly in the last 8 weeks from 5.94 percent to 6.46 percent for the week ended October 16. This time last year, the 30-year fixed real estate mortgage rate averaged 6.40 percent.
With all the current financial news making everyone jittery, just remember one thing. Interest rates are still outstanding compared to interest rates 30 years ago!  I remember paying around 10 percent in 1978, about 20 percent in 1980 and up to 12 percent in the early 90s. Does anyone else remember that, too?
Home prices and interest rates these days present a real opportunity for buyers of Sylmar real estate. Don’t wait for the Sylmar real estate market to hit a pricing bottom. By the time we realize it, the real estate pricing bottom will have already passed. Call me for more information on how you can take advantage of this unique real estate buying opportunity in Sylmar or other part of the San Fernando Valley.

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Filed under Interest Rates, real estate, Sylmar

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