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.
http://www.freddiemac.com/pmms/pmms30.html
