Remember when interest rates reached 18 percent? Most of us can recall the words to our favorite tunes from the 70s, 80s, and 90s but can you recall what mortgage interest rates were back then? Each of these decades saw interest rates at 8 percent or higher, with a peak of 18 percent in 1981. Despite these rates, many continued to buy and own homes.

Unlike big hair and bell-bottom jeans, it seems homeownership stayed in style.

Why Buy Now

In the long run, home values tend to rise, which builds wealth through equity. By buying now you can start building equity. If you are already paying for housing costs via a monthly rent payment, and you can save for a down payment, ask yourself: Is it better in the long run for your money to go toward building equity in a home that you own? Another factor to consider is that in a rising home market, you may not be able to out-save appreciation. When home prices increase, the minimum down payment amount rises with it.

If you are waiting to buy, it can be difficult for your savings to outpace the market. Contact an Ameris Bank mortgage banker for financing solutions that require less than a 20 percent down payment.

The Future is Unknown

If only we could see into the future to know the perfect time to buy a lottery ticket, invest in stocks or get the best interest rate on a home. The truth is, no one knows where mortgage interest rates will be one month or one year from now. The same holds true for home prices. Finding the perfect home is difficult enough without trying to time it with your ideal interest rate.

However, mortgages do offer an advantage: they can be refinanced.

So, while your home may be forever, your mortgage interest rate doesn’t have to be. If you are thinking about buying a home, contact an Ameris Bank mortgage banker who can help you choose the loan that fits your current financial situation, lifestyle and future plans.


Published August 2023

*All loans subject to credit approval.

By Marlene Sheard Marlene is a mortgage marketing representative for Ameris Bank and previous sales and marketing president for her local Home Builders Association. She enjoys sharing her experiences for the buying, selling, and financing of homes.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Sources: FRED, 30-Year Fixed Rate Mortgage Average in the United States