Although it’s true that another increase just occurred recently, our current rates are still low compared to what we had back 10, 20, 30 and 40 years ago. Some buyers may have missed to take advantage of the lowest rate in history, but we’re still at the lower end to date historically speaking.
Mortgage interest rates, as reported by Freddie Mac, have increased by close to a quarter of a percent over the last several weeks. Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors are all calling for mortgage rates to rise another quarter of a percent by next year.
Here is a chart showing the average mortgage interest rate over the last several decades:
Though you may have missed the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.