Wednesday, August 24, 2005

A Brief History Of Mortgage Rates

Did you know that lenders have been charging interest on loans for over 34 centuries.? A biblical reference reveals when and to whom interest was to be charged according to the Mosaic Law. Still the question is how much interest was charged? Was there a fluctuation in interest levels? Are ancient interest rates comparible to our day?

A mortgage rates shopping resource reports "the Greeks interest rate was sustained between 10 percent to 12 percent." So there were regular periods of fluctuation although they managed to keep their rates fluctuating to far above the 12.00 percentile. The report reveals that the Romans’ carried rates that fluctuated from 4 percent to 50 percent, depending on where in society men lived." These astonishing reports indicate that rates have been fluctuating from ancient times up to the 21st century. And the interest rates of the ancients at one time or another were comparible to todays rates.

So is there a lesson in all of this? Yes. Rates may rise and rates may fall but interest rates will always be.