Mortgage Rates Are Lower Than They Were a Year Ago


Can I rant about mortgage rates for a minute? I just can’t help myself. First things first, current mortgage rates are actually lower today than they were a year ago. Let’s make that clear.

This is true despite the headlines warning you to “BUY NOW” and to do so before it’s too late, before interest rates rocket to the moon.

If you don’t act now, you might be stuck with a mortgage rate in the double-digits…well, that’s what all that fear mongering makes it feel like.


The 30-Year Fixed Averaged 4.15% This Week

Let’s start with the facts. The 30-year fixed averaged 4.15% this week, per Freddie Mac, which collects mortgage rate data from lenders from Monday through Wednesday.

This gives them a good idea as to what’s being offered, despite the survey being inherently flawed if you take it at face value, which you shouldn’t.

[See today's mortgage rates from dozens of lenders, updated daily.]

While 4.15% is indeed up a sizable 11 basis points from 4.04% last week, it’s still down from 4.19% a year ago. So to get in a tizzy over the recent increase in mortgage rates would be silly, at best.

Additionally, 30-year mortgage rates anywhere close to 4% is a reason to celebrate without question, both historically and recently.


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Tami L Barber

NMLS #1030737

(423) 943-9269

Encore Lending Group LLC

NMLS #1249911

206 Wesley St, Johnson City TN 37601

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The information contained in this site has been prepared by an independent third party and is distributed for educational purposes only. This is designed to give helpful tips on the mortgage process and is not intended to give legal advice. Information is considered reliable but not guaranteed. This is not a prequalification, preapproval, loan approval or commitment to lend.