Mortgage Interest Rates Inch Up a Little After Dropping to 3-Month Low

As the chart below illustrates, yesterday, mortgage interest rates on a 30-year fixed rate conventional mortgage increased slightly to 6.27% after dropping to 6.13% last Thursday, the lowest level in over 3 months.

Historically-speaking, it’s not that bad….

Granted, no one really wants to hear this, but, if we look at the bigger picture (like the bottom chart that goes back to 1971) we’ll see that our current mortgage interest rates aren’t that high.  In fact, over the 52-year period depicted on the chart, about 70% 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)

30-Year Fixed Rate Mortgage Interest Rates 1971-Present

 

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