Are Mortgage Rates Just Back to Normal?
According to a recent survey, a full 61% of Americans think that mortgage interest rates rates are "unprecedented."
The thing is, mortgage rates aren’t actually the highest they’ve ever been; not even close, and it isn't too far a look back to see when they were similar or higher.
The reality is, homebuyers have been enjoying abnormally low mortgage rates since right after the real estate crash, and especially the COVID driven low rates the past few years.
We all get it, it stinks, but this graph will shed some light on how those low rates were on the historical chart, and now they’re not just back to "normal"—perhaps even still below normal?
Ready to find a home in today's market? Our mortgage experts here at Cambria Mortgage, the Joe Metzler team are happy to provide a no obligation application review, along with an initial softpull credit report, which has no impact on your credit score.
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Equal Housing Lender. NMLS 274132, 322798. lends in the following states: MN, WI, SD, ND, IA, This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. (C) 2023 Joe Metzler.