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In 1971 the interest rate was averaging 7.54%!

According to Freddie Mac, the average mortgage rate in 1971 was 7.54%. By 1974, it was 10%. In the 80s, the interest rates soared to over 18% at times. Meanwhile, housing prices continued to climb.

The point is, if you are waiting for rates to go down, think of this... If you had waited back then, rates did not begin to decline under 7% consistently until 1998. This means you would have waited 27 years, renting and paying someone else's mortgage. This is why you don't wait to buy real estate, you buy real estate and wait.

Date the rate, marry the house!

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