Mortgage Rates Go Over 6%

According to Mortgage News Daily, today’s rate hit 6.28%. I know that sounds high but check out the 18.53% rate in October of 1981.

Hopefully, inflation will start to go down without the radical increase in the interest rates that we saw in the 70s and early 80s.

Keep in mind we are more sensitive to rate increases now than back then as you can see from the chart below our rate has been very low for a long time, which drove the prices of homes high.