When we bought our first home in 1988 the interest rate was 10% and still we had to see the home and write the offer at a local fast food restaurant immediately after seeing it due to low supply.  So with rates now creeping up in the the mid 4% range it seems like rates are high.  It’s all about perspective.  If you are looking to buyer in the Reno-Sparks market rates are still great.  The Shocket Team can help.   Reno-SparksRealEstate.com

Interest rates hovered around 4% for the majority of 2017, which gave many buyers relief from rising home prices and helped with affordability. In the first quarter of 2018, rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year.

The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home. Don’t let the prediction that rates will increase stop you from purchasing your dream home this year.

Let’s take a look at a historical view of interest rates over the last 45 years.

 

Be Thankful You Don’t Have to Pay Your Parents’ Interest Rate! | MyKCM

Bottom Line

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.