As the chart below illustrates, mortgage interest rates on a 30-year fixed rate mortgage hit 7.125% yesterday, the highest rate since April 5, 2002 when the rates were at 7.13%.
If you go back far enough in history, you’ll feel better about todays’ rates…
There is probably very little comfort in this for current home buyers but while we are experiencing the highest mortgage rates in over two decades, if we go back a couple of more decades or so in history we’ll see the current rates aren’t so bad. As the bottom chart below illustrates, over the 52-year period depicted on the chart, about 55% of the time mortgage interest rates were higher than they are now. If you’re in your 20’s or 30’s you likely don’t care and still think the rates suck since they are about double what they have been since you have paid attention to them. If you’re a baby-boomer like me, it’s a walk down memory lane LOL.
Mortgage Interest Rates Based Upon the MND Rate Index
(click on chart for live, interactive chart)
30-Year Fixed Rate Mortgage Interest Rates 1971-Present
(click on chart for live, interactive chart)
