If you were buying a home in the 80’s you know first hand that a 5% 30 year mortgage rate in today’s market is still historically low.
Mark Flemming of First American Title says:
“Mortgage rates have adjusted in the past in response to high inflation, a technological revolution, a housing crisis and a financial collapse. However, today’s higher mortgage rates are due to a near record-long economic expansion, and a strong labor market.”
Read Mark’s full article here.