Richfield House Hunt: Mortgage Rates as Low as 1951

The low mortgage rates mean you can buy at the same rate when that rambler was built.

This September, mortgage rates dropped to the lowest point in 60 years. To give some perspective, here’s what was happening the last time rates were this low:

1) The average cost of a house was $9,000, the average family income was $3,700, a new car cost $1,500, and gas cost $.19 a gallon.

2) There were 48 states in the United States.

3) Humphrey Bogart and Katharine Hepburn took home Oscar’s best actor and actress for "The African Queen."

4) Soap operas "Search for Tomorrow" and "Love of Life" debut on TV.

5) The first direct dial telephone calls are made.

6) The term “Rock and Roll’ is first used.

7) "Come on-a My House" sung by Rosemary Clooney is a the song most played on jukeboxes.

8) The US armed forces begin racial integration.

9) The first commercial computer, designed by St. Paul’s Univac is delivered to the Census Bureau.

10) Power steering is introduced by Chrysler.  

A 15-year conventional mortgage is currently 3.375 percent, a 30 year mortgage dropped to 4.0 percent and an FHA loan averaged 3.75 percent last week. This fall will be a perfect time for buyers to take advantage of the rates in Richfield. Here are five homes currently on the market:

House No. 1: 6615 Lake Shore Dr. #301

Listed by: Coldwell Banker Burnet  

Price: $95,000 Taxes: $967 Associaton Fee: $522  

Description: High-rise senior condo; two bedrooms, two baths and 1,130 finished square feet. This condo is one of the largest units in Richfield’s most popular senior buildings. The unit features a huge walk-in closet, a dining room, a walk-through kitchen, a storage room and a balcony that overlooks a beautiful lawn and gardens. Best of all is the association fee covers outings, events, an exercise room, library, hobby and game rooms, party and community rooms, garden space and an assigned indoor parking space. The building is at the center of everything; shops, banks, restaurants and the .

House No. 2: 7238 Upton Ave. S.  

Listed by: Re/Max Results  

Price: $129,900 Taxes: $2,379  

Description: One-story, single-family home; three bedrooms, one bath and 1,176 finished square feet. Complete one-level living is possible in the California rambler. The large living room has a huge picture living to let the sun shine in. The convient eat-in kitchen looks out on the huge, fenced backyard with lots of room to play, or just to sit on the patio and enjoy the warmer seasons. Home is less than half a block from .

House No. 3: 7608 Thomas Ave. S.  

Listed by: Edina Realty  

Price: $169,900 Taxes: $2,690  

Description: One-story, single-family home; three bedrooms, two baths and 1,368 finished square feet. This spotless home with natural wood work, skylight, a ceiling fan and a beautiful kitchen with new flooring and counter tops and lots of windows. A lower-level family room has been recently updated and is warm and cozy. The downstairs also has an updated bath and an office. The beautiful backyard has shade trees and a patio.

House No. 4: 6708 Bloomington Ave.  

Listed by: Independent Brokers Realty  

Price: $174,800 Taxes: $2,374  

Description: One-story, single-family home; four bedrooms, two baths and 1,504 finished square feet. An amazing remodel by one of the area’s best remodeling team. Outside, this home has a brand new concrete drive, new siding and a new garage door. There are new windows and doors and an eat-in kitchen with stainless appliances and lots of cabinets. There are hardwood floors and many large windows. The basement includes egress windows. The lawn is large and tree-shaded and the home is a block from , with easy access to highways to downtown, shopping and restaurants.  

House No. 5: 7526 Logan Ave. S.  

Listed by: Edina Realty  

Price: $209,900 Taxes: $2,968  

Description: One-story, single-family home; three bedrooms, two baths and 1,958 finished square feet. A superbly cared for home is move-in ready with an eat-in kitchen, informal dining room, formal dining room and a breakfast area. The large living room has a wood-burning fireplace. The front yard has beautiful trees and the spacious and park-like back yard is fenced, great for the dog to romp as you sit on the patio. The home is located a half-block from with easy access to Best Buy headquarters and shopping.


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