News reports lament the idea that home mortgage rates are climbing above 7 percent for the traditional 30-year, fixed rate home loan.
Not mentioned is the reality that some years ago a 7 percent rate was considered a bargain, since shortly before that home loans were set at double-digit rates. Above 10 percent.
Also not mentioned are the many families who already have home loans below that mark, and will likely stay in their homes for at least the next 20 years. And in that time, the rate will not change. That's why it's called a fixed-rate mortgage.
But rising loan rates make for a solemn news story. Also not mentioned is that rising interest rates include savings accounts, so those who have paid off their mortgages and are setting money aside for retirement are happy.
Not mentioned is the reality that some years ago a 7 percent rate was considered a bargain, since shortly before that home loans were set at double-digit rates. Above 10 percent.
Also not mentioned are the many families who already have home loans below that mark, and will likely stay in their homes for at least the next 20 years. And in that time, the rate will not change. That's why it's called a fixed-rate mortgage.
But rising loan rates make for a solemn news story. Also not mentioned is that rising interest rates include savings accounts, so those who have paid off their mortgages and are setting money aside for retirement are happy.
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