Over the past couple of years mortgage rates have risen to the highest rates in 20 years. In March 2024 the current 30-year fixed rate mortgage rate is 6.88% which is more than double what rates were during most of 2020 and 2021. However, when looking at mortgage rates from a broader, historical perspective, they may not be as high as you think.
The 30-year fixed-rate mortgage gained popularity around the 1950s. The average rate since then has hovered around 7%, which is close to what they are today. In some respects, today’s rates could even be seen as relatively low, such as when compared to the double-digit rates of the 1980s.
For instance, the highest 30-year mortgage rate in history was 18.63% in October 1981, which starkly contrasts with the lowest of 2.65% in January 2021.Feel free to call me at 503-7013-4699 or email me at sbfreedom@gmail.com if you have any questions and we can run some numbers.
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