10 October, 2012
What does a 3.50% with a 30 year fixed rate mortgage mean?
We have all heard the ads about how rates are at all-time lows. It seems like the phrases “historic” and “record lows” have become the new rubber stamps when it comes to talking about interest rates these days. Mortgages have been around forever. When mortgages started, they had variable rates with huge down payments. As home values continued to increase, the need for lower monthly payments increased and thus, the 30 year mortgage was born. When trying to Google search for “when was the first 30 year mortgage”, all you get is refinancing…
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