Interest Rates

Mortgage interest rates continue to currently remain low, with a range of 4.45% for 1 year fixed, to 5.7% for floating.

I find it interesting to look back over the last 50 or so years and make comparisons. These are very general and approximate.

1966                         6  %
1977                          11  %   and climbing
1987                          20.5%  I was paying 23%!
1994                          7.4%  low point
1994 – 1998            mainly over 10%
1998 – 2007            mainly under 10%
2007 & 2008           over 10%
2009 – 2017            under 7%, and under 6% recently

From 1976 to 1992 (16 years)  mortgage interest rates were over 10%, and from 1980 to 1991 (11 years) they were over 14%.

Enjoy these low interests rates while they exist.

Kind regards
Michael Ford

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