This is a great article from Realty Times giving us the low down on how 30-Year Fixed-Rate interest rates have fluctuated since 1971. Cick here for the awesome info.
As many people have been trying to tell those scaredy cat buyers out there for a while now, "Rates are great and if you're waiting for rates to go below 5% you're going to be waiting for a while." These stats show that the average interest rate for a 30-Year Fixed-Rate loan between 1971 and today is 9.31%! But since 1998 we have had interest rates hovering around 6% so if people can't get the 6% or 5.85% rate they are upset and think they can wait until they drop further. This is poor business decision making logic and if they're not careful they are going to miss the boat and then what? Probably complain some more to their Realtor.
Can you tell I'm in a good mood today?