Wondering why everyone is talking about mortgage rates these days?
If so, then check out this graph…
This is a graph of historical mortgage rates going back to 1986. As you can see, rates on 15- and 30-year fixed rate mortgages are currently really low.
Back when we bought our first house in 2002, we were paying something like 6.5% on a 30-year fixed rate mortgage. Not long thereafter, we refinanced to 5.75% — once again for 30 years.
When we sold that house and bought our current one in 2006, our rate bounced back up 6.375% for 30 years. We later refinanced into a 15-year fixed rate mortgage at 4.875%, and have since paid it off.
As things currently stand, you could get a 30-year fixed rate of 5% or less. Amazing. Almost makes me want to have a mortgage again. Almost. 🙂