Mortgage rates are high, but at least we are not as bad as the 1980s.

Over the past couple of years mortgage rates have risen to the highest rates in 20 years.  In March 2024 the current 30-year fixed rate mortgage rate is 6.88% which is more than double what rates were during most of 2020 and 2021. However, when looking at mortgage rates from a broader, historical perspective, they may not be as high as you think.

The 30-year fixed-rate mortgage gained popularity around the 1950s. The average rate since then has hovered around 7%, which is close to what they are today. In some respects, today’s rates could even be seen as relatively low, such as when compared to the double-digit rates of the 1980s.

For instance, the highest 30-year mortgage rate in history was 18.63% in October 1981, which starkly contrasts with the lowest of 2.65% in January 2021.Feel free to call me at 503-7013-4699 or email me at sbfreedom@gmail.com if you have any questions and we can run some numbers.