I wonder what would happen if the Treasury Department actually gets the go-ahead to lower interest rates on mortgages to a historic 4.5%? My dad tells me that rates were 15% in 1982, and the past few years they’ve been 5.5%-6.5%.
But 4.5%? That’s too good to be true. I’m sure only those with excellent credit scores would qualify for them. It makes me want to move up our house-hunting timeline, which I figured wouldn’t happen until next summer, after the wedding, at the earliest.
Rates right now are 5.5%. In our price range, 4.5% would knock $160 off a monthly mortgage payment!