Contending With History
When Las Vegas real estate analysts look at mortgage interest rates they have to consider how much loans have cost over the past 20 years.
Las Vegas home buyers are only pay a little more on fixed-rate mortgages than they were a year ago. This number is considerably lower than the 7 and 8 percent they were paying in the mid to late 90’s. These low rates are a huge part in the healing process of the Las Vegas real estate market we are experiencing now.
When you look at it, Las Vegas consumers are paying just a point more than they were in the summer of 2003, when rates had bottomed out at 5.20 percent. That was the lowest average rate since 1985.
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