Fixed-rate 30-year mortgages have fallen a hair under 6% for the first time in something like 40 years. MSNBC reported a 5.95% average rate.
Just by way of perspective: from 1880 to 1965 – 85 years – there was never such a thing in this country as a home mortgage at more than 6%. (And didn’t Hamurabi’s Code impose the death penalty for charging interest above 6%? My memory’s a little less clear on that one.)
So, far from being all but impossible, sub-6% mortgages are actually just the way things ‘always’ were.
Yet something tells me it won’t remain this way for 85 years this time. Not the worst opportunity to refinance – perhaps with a 15-year loan at a 5.7% rate.
Later this weekend or Monday: Andy learns to press clothes. (If he had ever learned to pack properly, he wouldn’t have needed to learn to press clothes.)
Quote of the Day
The test of our progress is not whether we add more to the abundance of those who have much, it is whether we provide enough for those who have too little.~Franklin D. Roosevelt
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