Can you believe that in 1987, Fran and I felt lucky when we got our first mortgage at 10% interest! Wow; it was only in the early 1980’s that some people were renewing their mortgages at more than 20% interest. Imagine! It doesn’t seem to make any sense that today you can get a 5-year mortgage for about 3% interest.
There are several reasons why interest rates fluctuate so much; I’ll leave that for the economists to provide you with the boring details.