Chris, you make a good point in looking at rates in 25 year cycles, maybe that is it. I didn’t research rates beyond the 1970’s nor did I do any research actually, just went off my observations of the last 4 decades. I am not in the industry, just a guy who had bought a few houses and had a few loans, I had an adjustable in the early 1990’s so I started to pay attention then. But in those 40 years it has gone up and down and yes it has trended downward overall in the last 25 years. When Reagan took office, prime was 20%. This article from time magazine in 1982 goes into some specifics and speaks of 6% mortgages as the halcyon days (golden days). My comments were just that golden days rarely become forever. I just thing that hoping that rates will always be low is the same as thinking real estate will always go up. The cycle may be longer but it is still a cycle.
