June 15, 2019 –
When interest rates drop, a lot of homeowners think about refinancing their mortgage loans — hoping for lower payments, shortening the term of the mortgage, or doing a cash-out refi for that vacation or to take care of that roof.
And rates are down. They’ve been very good for 10 years, looking at the historical record.
Mortgage rates floated up from about 8 percent to 10 percent during the 1970s, then rocketed to over 18 percent in the last quarter of 1981. It’s a huge contrast with the below-5 percent rates witnessed by borrowers since 2009.