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Erin Moreno

Cell: 419-302-3075 | Office: 419-738-1161

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August 2020

Found 1 blog entry for August 2020.

In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history. And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s rates truly a bargain?

While average mortgage rates have drifted between 4% and 5% in recent years, they haven’t always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%. As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It’s hard to imagine now, but the average U.S. mortgage rate reached a high of 18.63% in 1981.

Fortunately for home buyers, inflation normalized by October 1982, which sent mortgage rates on a downward trajectory that

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