Question and Answer Session
Operator
Thank you. We will now begin the question and answer session. The first question comes from Alex Twerdahl with Sandler O’Neill. Please go ahead.
Alex Twerdahl, Sandler O’Neill
Hey good morning guys.
Mr. Robert J.McCormick, President and Chief Executive Officer
Good morning Alex.
Alex Twerdahl, Sandler O’Neill
Could you just — Scott you mentioned that new mortgages are going on around 4% today. Can you remind us back in the middle of 2012 when the tenure really was like in the 150% range where mortgage and rates bottomed for you guys?
Scott Salvador, Chief Bank Officer
Yeah, they bottomed way around this range, Alex, to be honest with you. I mean, we’ve come down low for slightly under 4 — when I say slightly under 4, I’m talking high 3s. I mean, well occasionally really just to stir up the market and kind of draw some attention, we’ve occasionally dropped down a little lower on a couple of days special or one week special type of thing but, really where we bottomed in the past and most recently is right around the 4% range maybe high 3’s.
Alex Twerdahl, Sandler O’Neill
Okay, thank you. And then, can you talk about — as you prepare for potentially the short end of the curve to go higher towards the end of the year, or early next year. Can you talk about going out a little bit longer on CDs which I think is something you’ve been doing over the past couple of months versus maybe putting up some borrowing with some interest rates swaps or something a little bit more sophisticated like that?
Scott Salvador, Chief Bank Officer
We’ve been looking at this CDs from an opportunistic point of view. We view it as a chance not just on the rates side, but on the relationship side too. As Rob said earlier, we don’t have any broker deposits, we don’t buy any CD, so we’re not gonna put a high rate out there just to bring in a flood of money. But as you said, we have been recently putting a little bit higher rate out there. We got an 18-month term. We’ve even gone out as far as the three-year term. Not crazy high but the one-one plus range on a couple of occasions And again, the goal is two-fold, we always think. Number one, we do want to lock-in some of the money for longer terms and we’ve been successful at that. If you look back over the last year or 18 months, our CD portfolio duration has really transitioned . We have moved a lot of that money out longer in terms of maturity which is definitely a good thing. But we do it strategically. We really want to get a customer out of it. Hopefully that we gonna have for the long term. So that’s kind of our basic philosophy on that.
Alex Twerdahl, Sandler O’Neill
Okay, and then just a final question. A couple of years ago when we’re looking at credit, the time frame to foreclose on a property now in Upstate New York I think was over a thousand days. Has that come down meaningfully, recently?
Scott Salvador, Chief Bank Officer
Not significantly Alex. Our bubble has gotten significantly smaller but it might probably just shy of 3 years now. But it has not come down significantly. It’s actually a little bit better in Florida, but we have nothing in Florida. So..
Alex Twerdahl, Sandler O’Neill
Yeah. Okay great.Thank you guys for taking my questions.
