Are Mortgage Rates Just Back to Normal?

By
Mortgage and Lending with Cambria Mortgage NMLS 274132

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.

Historical Mortgage Interest Rate Chart

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?

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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.

We lend in MN, IA, ND, SD, and WI. Call (651) 552-3681, or Apply Online Today

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. 

Comments (2)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Great information.  Thanks for sharing and enjoy your week!

Feb 06, 2023 11:33 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

Feb 07, 2023 05:16 AM