In 2003 Bob's brother and his wife relocated and purchased a town home about 25 miles from here. They were thrilled the mortgage rates were so low. They qualified for a 6.25% loan.
When Bob and I relocated here back in 1985 interest rates were some of the worse in history. We bought down (paid a chunk of $ for every portion of a % reduction) from 12% to 9.75%.
It was announced yesterday that 15 year mortgages are available for 3.94% APR! And yet there remains little activity in house sales. You can imagine the lack of activity back in 1985 but now house prices have fallen and mortgage costs have too.
Maybe it's those little things like confidence and jobs.
'til later
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