If You Bought A Home In 2020 Or 2021 You Should Be Retroactively Thrilled About Your Mortgage Interest Rate

Did you buy a home in 2020 or 2021?  If so, you likely locked in a mortgage interest rate that was the lowest we've seen in the past 10 years... and actually... the lowest we've seen... ever!

So, for all of the buyers from the past two years, please look back and be thrilled that you were able to take advantage of that unique opportunity to lock in a very low interest rate on what is likely to be one of the largest purchases of your lifetime.  Hopefully your home will work for you for many years to come and you will continue to enjoy the benefits of that super low interest rate.

And... for would-be home buyers of 2022... yes, current mortgage interest rates are the highest we have seen in the past 10 years.  In fact, we have to go all the way back to 2000 to find an interest rate above 7%.  But... mortgage interest rates are starting to trend back down over the past month.  They have dropped from about 7% to about 6.5%... and I have seen some recent prequalification letters much closer to 6%.

Just as those record low mortgage interest rates didn't stick around forever, it seems unlikely that these record high mortgage interest rates will stick around forever... and they might pass more quickly than we realize.