A mortgage banker friend of mine sent me this piece of good news.
Something that has been really hideous lately is how big of a deal the media makes about interest rates climbing. People that I come in contact are afraid they are loosing if they buy a house now. How far can that be from the truth.
I bought my first home in 2000 when interest rates were roughly 7.25% for a fixed rate 30 year mortgage. At the time, people were talking about how favorable the interest rates were. Of course, none of these people knew that rates would drop down as low as 4.75% a few years later. Now it seems that home buyer's are afraid to commit to an interest rate above 6.25%. Like renting is a better deal? That's the same as having a 100% interest rate, isn't it?
Anyway, its great to see the interest rates flattening out. I hope it makes the news.