I thought it would be interesting to share a historic snapshot of where rates have have been based on a national annual average back to when I began my mortgage career in 2000.
The chart below is based on a 30 year fixed conventional as reported by Freddie Mac. NOTE: 2013 is not on the chart below because this is based on “annual” averages.
Mortgage rates are currently hanging around back to 2011 levels. As you can see, mortgage rates are still historically very low.
In fact, back when I bought my first home in 1988, the average annual mortgage rate was 10.34 with 2.1 points!
My point is, rates are still historically low and won’t stay this low forever.
If you would like me to provide you a rate quote for your home purchase or refinance on property located anywhere in Washington state, please click here.