Mortgage rates have been the lowest from the time the first mortgage was recorded in 1971. It is at 4.01 now, this is 30 year fixed. The last up it saw on the curve was somewhere in August 2008 at about 6.33.
Lets work the numbers it took 37 years for the rates to go up from 4.01 to 6.33. Add this, the rates kept going up with the home prices going up too. Then we had a fall and we are at the start 4.01 today.
Say we put in, that in todays world with the advance in technology and the speed at which we get things accomplished have increased when compared to 1971. Here is where I am heading to, if it took 37 years for the home value to grow and the interest to grow, at today’s rate, at double the speed or triple the speed it will take at least 16 years(double the speed), or 8 years at triple the speed to come back to where we were in 2008 values and rates.
My two cents???? and a lot of unanswered questions……
