Durham Mortgage Broker Rate History Lesson for Chapel Hill.

Are Mortgage Rates High Today? Yes, mortgage rates have jumped up to 4.5 %-ish  in the last 60 days. Check out this 1987 mortgage rate sheet for historical perspective. Somehow, homebuyers did just fine. What do you think?

Getting ready for a Mortgage Choice Social Reunion Sept 29th  (The dominant Triangle NC Mortgage Broker/correspondent in Raleigh/Durham/Chapel Hill from 1989-1999; two time INC 500 Magazine award, two time Triangle Fast 50 award)

Going through my archives, I found this mortgage rate sheet from 10/09/1987.

Couple things to note: These were LOW LOW MORTGAGE RATES. We were at least .25% below the Big Banks because we were independent. It took the Big Banks many years to lower their rates to become competitive with mortgage brokers.

– Check out the ARMs – especially the 3/3 ARM. ( 5/1 and 7/1 did not exist).
– Check out the maximum loan limit – $153,100.00
– Check out the Fixed 30 Year Rates –
– Notice the mortgage rate spread between no origination and 1% origination.

Mortgage Rates - Raleigh Durham Chapel Hill NC October 9, 1987

Mortgage Rates – Raleigh, Durham, Chapel Hill NC – October 9, 1987

Pity now that our regulators and lobbyist are doing all they can to impede, handcuff, and regulate the independent broker/entrepreneur out of business. Yes, leave it to the Big Banks who have the consumers best interest at heart.

Do you have home mortgage questions? Ask Here.

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