Astonishing! Lenders are saying that it’s still a fantastic time to refinance, and it’s an exceptionally fantastic time to purchase a primary residence or second home. Mortgage interest rates are within one-tenth (1/10) of one percent (1.00%) of their historic lows, and home prices are low as well. Here’s a graph of Texas rates* (from June 2008 to the present ) for a 15-year fixed-rate mortgage:
Thanks to James A. Clutch Jr., at EchoPoint Mortgage, for delivering this information. James also adds: The interest rate a typical 30-year mortgage loan would currently bear (say, 4.50%*) is less than one-half of what it was in 1991 (roughly 10.125% back then), and less than one-third of what it was in 1982 (about 17.25% at that time).