Historical Interest Rates
February 15, 2007
In sorting thru my 31 years of archival materials that I have saved, I came across a print out of VA interest rates since the VA loan began in June of 1935. This history was prepared in July of 1992. When the program began, the interest rate for a VA loan was 5%. My information does not state whether this was a 30 year fixed rate or only a 20 Year loan. (I will have to do some research to determine the term of loans being offerred in 1935.)
The highest interest rate cited for a VA loan was 17% in September of 1981. Some of you may remember those days when not only was the interest rate 17%, the sellers had to pay 6 points (6%) for the veteran to obtain the loan. Even with such rates, buyers and sellers were still transferring home ownership.
I checked with our mortgage company, Financial 200, this morning and currently the VA interest rate is 6.25%. The last time the interest rate was in this range was October of 1966.
You can still obtain conventional 30 year financing for a rate of 6%.
Financial 2000 (909-748-7110) has a wide variety of loans. If you need new financing or refinancing, check it out. Also, they are offering a $100 gift to any borrower who closes a loan that is a better deal than they can offer.
In sorting thru my 31 years of archival materials that I have saved, I came across a print out of VA interest rates since the VA loan began in June of 1935. This history was prepared in July of 1992. When the program began, the interest rate for a VA loan was 5%. My information does not state whether this was a 30 year fixed rate or only a 20 Year loan. (I will have to do some research to determine the term of loans being offerred in 1935.)
The highest interest rate cited for a VA loan was 17% in September of 1981. Some of you may remember those days when not only was the interest rate 17%, the sellers had to pay 6 points (6%) for the veteran to obtain the loan. Even with such rates, buyers and sellers were still transferring home ownership.
I checked with our mortgage company, Financial 200, this morning and currently the VA interest rate is 6.25%. The last time the interest rate was in this range was October of 1966.
You can still obtain conventional 30 year financing for a rate of 6%.
Financial 2000 (909-748-7110) has a wide variety of loans. If you need new financing or refinancing, check it out. Also, they are offering a $100 gift to any borrower who closes a loan that is a better deal than they can offer.
posted by shirley harry at 9:19 AM
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