If you’ve been thinking of buying a home or refinancing, you’ve probably noticed that mortgage rates have been rising. But it’s important to put today’s rates into perspective.
Historically speaking, rates still remain incredibly low. Many younger home buyers today think that mortgage rates in the 4 percent range are the way it’s always been. Not by a long shot. Since the early 1970s, mortgage rates have averaged about 8.64 percent. And how about the 1980s? In the early years of that decade, mortgage rates rose to more than 18 percent. Yep, you read that right. That’s higher than many credit card rates today!
The bottom line: Today’s mortgage rates remain low. Whether you’re buying or refinancing, locking in today’s low rates could be one of the smartest financial moves you ever make.