Given the recent increase in mortgage interest rates, we think a little perspective is in order.
- The average 30-year rate for the last 40+ years is 7.5%
- Rates are now back within the range where they were between April 2018 and February 2019
- Between January 2000 and December 2009, the high was 8.15% and the low was 5.05%
- Between January 1990 and December 1999, rates never went below 6.25%
Bottom line, while the increase in rates is challenging for active buyers, rates are still incredibly low historically speaking.