On January 19, 2022, the average 30-year fixed mortgage rate was reported to be at 3.7%. That is about a 1% increase over last year at the same time when the average was at 2.85%. (Source: https://www.mortgagenewsdaily.com/mortgage-rates/30-year-fixed).
Based on history, this rate is relatively low. If we go back 5 years, Freddie Mac had the average at 4.15% (January of 2017). Going back another 10 years, Freddie Mac had the average at 3.92%; 20 years ago (2002) the average rate was 7%. Alarmingly, 40 years ago (1982), the average mortgage rate was 17.48% and the buyer paid about 2 points to get that rate.
If you are a first-time home buyer, connect with me so we can discuss your buying power, and the rising costs of heating, insuring, and maintaining the home.