Freddie Mac has been tracking average mortgage rates since 1971 through their Primary Mortgage Market Survey® and yesterday it revealed that, as the chart below shows, the average interest rate on a 30-year fixed-rate mortgage was at 4.6%, the highest rate in over 7 years.  The last time mortgage interest rates were this high was back on May 5, 2011 when the 30-year rate hit 4.71%.

Even with the recent increase, mortgage interest rates are still reasonably low from a historical perspective.  As the second chart below illustrates, 20 years ago the rates were around 8 percent.  Mortgage interest rates then spent nearly a decade around the 5% – 6% range before beginning the descent after the housing bubble burst in 2008.

Mortgage Interest Rates – 2018- Chart

Mortgage Interest Rates – 1995 -2018- Chart

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