Mortgage Interest Rates At Highest Point in Eight Years
Scott P. Rogers
Mortgage interest rates keep on rising. The current average rate for a 30 year mortgage is 4.81%.
These two statement are equally true...
1. Current mortgage interest rates are now higher than they have been for the past eight years.
2. Current mortgage interest rates have been higher than the current rate for 38 out of the past 46 years.
The lingering question over the past few years has been whether rising interest rates, which pushes monthly housing costs higher, will eventually slow down buyer ability and buyer interest. We don't seem to be seeing that as a current widespread effect, but the more the rates increase the more likely that becomes.
