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Mortgage Interest Rates Went Up Again… Should I Wait to Buy?

Mortgage Interest Rates Went Up Again… Should I Wait to Buy?

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades.

Mortgage Interest Rates Went Up Again… Should I Wait to Buy? | Keeping Current Matters

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.


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2 replies
  1. Troy Erickson
    Troy Erickson says:

    I am not sure mortgage rates should dictate whether you should buy a home or not. If you are ready, willing, and able to buy, then you should buy. If you are not sure you are ready to buy, or don’t feel you can afford to buy, do not let an increase in interest rates force you to feel like you have to buy now. It may be better to wait until you have more money for a larger down payment, or your financial situation improves, even if it means you will have a higher interest rate on your mortgage. Interest rates are still historically very low.

    Reply
  2. Dan Susma
    Dan Susma says:

    Comparing ( or implementing in the equation) the actual rates or even higher ones, with the rates in the ’70s -’80’s is completely misleading. Sure, 4% is way better than 8% but let’s not forget the price for the same home was substantially smaller back then.
    I agree with the other comment: you buy a home when you need to buy it, period!

    Reply

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