Historical Interest Rates since 1972
Many Torrance CA buyers are concerned with interest rates rising with the Fed making it clear that rates will slowly increats. That’s certainly a valid concern for potential Torrance homebuyers as a higher interest rate means a higher monthly payment which most often means a lower priced home. Taken in historical standpoint the current rates are dramatically lower than at just about any other time. The chart below shows the interest rate on conventional and conforming 30 year fixed rate mortgages. As we’ll see we’ve basically seen rates drop consistently since the high water mark of 16.3% in 1981. It certainly makes todays current rate in the mid 4% range seem pretty enticing.
trended up from the previous year in terms of median home prices with only a few local cities seeing a decrease in y over year prices.
norm but there was really no sense to it with some cities seeing major increases over June of 2016 and some seeing just as major drops in home prices.