Mortgage interest rates, as reported byÂ Freddie Mac, have increased over theÂ last several weeks.Â Freddie Mac,Â along withÂ Fannie Mae, theÂ Mortgage Bankers AssociationÂ and theÂ National Association of Realtors,Â is calling for mortgage rates to continue to rise over the next four quarters.
This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 3.5%. 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:
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.
Source: Keeping Current Matters