Would you be surprised to know that mortgage rates today are actually right around the historical average? Looking back at the rise and fall of mortgage rates over the years is a great way to get perspective:
HISTORICAL AVERAGE:
- Freddie Mac first started keeping detailed records of mortgage rates on a weekly basis in 1971
- Based on the mortgage data taken from the last fifty-two years, the average mortgage rate is: 7.74%.
THE LOWEST RATE:
- With so many people in the workforce sheltering in place, the economy took a downturn and in an attempt to stimulate the economy, and encourage people to make large purchases that would require a loan, the FED lowered interest rates
- The 30-year fixed mortgage rate hit an all-time low of 2.65% during the week of January 7-13. 2021
THE HIGHEST RATE:
- The highest mortgage rate in history arrived in the early ’80s, inflation skyrocketed across the board in the wake of the second oil crisis of 1979 and mortgage rates followed.
- The interest rate climbed to 18.63%
WHERE ARE WE NOW:
- Overall, although the current +/- 7.58% interest rate is a far cry from 2.65%, it is MUCH closer to the low end than it is to the high end historically.
What Happened in Montecito Last Week?
August 13th – August 19th
8 NEW LISTINGS
2 CLOSED SALES
5 PENDING SALES
weekly spotlight
There have been two recent sales in Montecito’s exclusive community of Birnam Wood. Birnam Wood is nestled between the mountains and the Pacific ocean in a private, gated community on a pristine golf course. The 142 homes are luxurious and unique, offering something for everyone in this exclusive community. Take a look a the recent sales below.
- 1970 Lemon Ranch Road • Sold for $8,848,000
- 1988 Inverness Lane • Sold Off Market for $5,850,000
Click below to learn more about this Montecito neighborhood.
