An interesting article in today’s Denver Post – sums up a lot… Here to me is the bottom line for home buyers:
Taking a longer view, mortgage rates, even after the recent rise, are back to levels that borrowers considered attractive two years ago and remain low compared with the cost of money in earlier decades.
“It is still an advantageous time to be buying,” said Chad Royle, regional-mortgage-sales manager in Denver with Bank of the West.
To emphasize the point, lenders point out that mortgage rates in the early 1980s approached 20 percent. But the psychological benchmark for this generation of borrowers isn’t focused on how high rates got but how low they just were — below 3.5 percent.