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Date the Rate Marry the Home

There is a lot of talk about high interest rates theses day, but lets take a breath and look at interest rates from an historical point of view. Freddie Mac started keeping detailed reports on interest rates in 1971. Based on the mortgage data taken from the last fifty-two years, the average mortgage rate is: 7.74%. So yes if you are looking at interest rates from 2021 when we saw an historical low of 2.65% our current interest rate which is a bit over 7% is still less than the average 7.74 rate. Can you believe the interest rate was 18.63% in 1981?
Now that was a high rate! In my opinion buying a home is one of the most important purchases most of us will ever make. Don’t let the interest rate keep you from buying a home and starting to build equity. If you see interest rates starting to go lower you can always refinance. In most cases this will save you money over the life of the loan.