/**code for yoast breadcrumb */

Let’s get the bad news out of the way first.

Mortgage rates on a 30-Year Fixed-Rate Mortgage are higher, on average, this year than they were last year. According to Wells Fargo:

Product Interest Rate APR
Conforming and Government Loans
30-Year Fixed Rate 4.875% 4.994%
30-Year Fixed-Rate VA 4.750% 5.112%
20-Year Fixed Rate 4.750% 4.896%
15-Year Fixed Rate 4.375% 4.559%
7/1 ARM 4.250% 4.942%
5/1 ARM 4.000% 4.989%
Jumbo Loans– Amounts that exceed conforming loan limits
30-Year Fixed-Rate Jumbo 4.500% 4.545%
15-Year Fixed-Rate Jumbo 4.125% 4.240%
7/1 ARM Jumbo 3.875% 4.703%
10/1 ARM Jumbo 4.125% 4.643%


So much for the bad news.

The good news is that according to FreddieMac the average interest rate going back to 1971 has been 8.21%.  So even if the interest rate is higher than it was last year, it is still lower than it was as little as 10 years ago.