Question

Read the graph that displays mortgage interest rates between 1978 and 1983.

A graph titled 30 year Standard Mortgage Interest rates from 1978 to 1938, year is on the x-axis and Interest rate is on the y-axis, from 5 to 20 in increments of 5. The interest rates were lowest from 1978 to 1980. In 1982, the interest rate was the highest at 18 percent. In 1978, the interest rates were lowest at 9 percent.

In what year did consumers get the best deal on a mortgage?

1978
1980
1982
1983

Answer 1

1978

Consumers got the best deal in 1978 because that year had the lowest mortgage interest rate (about 9%).