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:
|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%|
|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.