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I n 1981 the average 30-year fixed rate was a staggering 18.45 percent, up from 8 percent just four years earlier. Then over the course of the next seven years, rates declined to less than 10 percent.
Since then, rates have remained in a narrow band, fluctuating from approximately 7 percent to nearly 10 percent in 1989. Over the past two years, the band has fluctuated from 7-9 percent.
Outlook for the future? Dave Liniger, co-founder and Chairman of RE/MAX International predicts that rates will remain low.
"For the past two years," said Liniger, "low interest rates and low inflation rates have created one of the most affordable housing indexes in our history."
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