Mortgage interest rates have been kind of flat and below 3% on thirty-year fixed-rate mortgages. I grabbed this chart that shows mortgage interest rates over the past ten years. When I first started in real estate 7% was considered a good rate. It was exciting when they went below 6% and the excitement continues at 2.88%. When I bought my first house 9% was common. Before that interest rates were in the double digits which took homeownership off the table for many.
Rates vary and the best rates go to borrowers with the best credit ratings and who have enough income to pay back the loan.
We don’t know when interest rates will go up again.