Mortgage Loan Rates Are Still Low

So you missed the bottom. As long as you purchase a home or refinance your mortgage before interest rates climb significantly, you'll do a lot better in the mortgage arena than many of your friends, relatives and coworkers have in the past. (Just promise me you won't rub it in!)

Are mortgage loan interest rates low today?

Not very long ago, interest rates for both 30 year and 15 year fixed rate mortgages were more than 9 percent.

By comparison, fixed rates today average about half that amount. You don't need a Ph.D. in mathematics to figure out that fixed rate mortgages are still low.

Back in the early- and mid-1980s, interest rates in the mid- to high-teens were the norm. But even if you focus on averages rather than fixed points in times when rates were high, today's interest rates on home loans look downright low. When you add bank REO's and foreclosure property to the mix -- selling discounts, government tax breaks and low interest rates, that sounds pretty good.

If you haven't locked in a refinance loan or bought a home because mortgage rates have risen a bit, stop crying over spilled milk. Get out there and grab the interest rates that millions of home buyers and owners refinancing over the past decade could only dream of!

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