VA LOAN CAPTAIN BLOG & Learning Center

VA Loan Rates Over the Years

By: Grant Moon 12/19/12 02:05 pm

VA Loan Rates Over the Years

 

Mortgage rates are at record lows. Wait, you’ve heard that before, right?  It seems that every other radio or internet ad touts this news. Maybe it’s consumer fatigue but does it seem that mortgage rates have always been at historic lows?  Haven’t we all heard that time and time again?

Of course we have. In fact, we’ve watched mortgage rates steadily decline for the past two years, give or take a few bumps in the road. And VA loan lenders are at the ready to help you buy your new home with your VA entitlement or refinance your current VA loan with a new, lower rate.  But if we step back and look at what has happened over time we can really appreciate exactly where we are today.

Today, 30 year fixed rates are around 3.25 percent. If you make $5,000 per month that would result in an approximate qualifying loan amount of $390,000.

Let’s now travel back in time to 2002, 10 years ago from today when rates were at 6.25 percent. While that may seem astronomical compared to today’s rates, back then 6.25 percent was also near record lows.  A 6.25 percent rate gives you a $276,000 loan. That’s $114,000 less than what you can buy today.

1992?  Rates then were at 8.25 percent. The loan amount?  $226,000.  Now let’s go all the way back to 1982 and check out rates then.  How high? Try somewhere around 13.50 percent.  Not kidding.  Traveling back in time and making $5,000 per month with a 13.50 percent rate and you can qualify to borrow $148,500.

$148,500.  Can you see where we are today and why you should think seriously about taking advantage of your VA home loan benefit?  By buying now with today’s dollars and today’s rates, your VA loan might never be more powerful.

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