According to a recent survey, 61% of Americans think that mortgage rates are "unprecedented." Mortgage rates aren’t actually the highest they’ve ever been; not by a long shot. People just got used to those low rates buyers were getting over the past few years. Those low rates were historically unusual, and now they’re not just back to "normal"— even below normal—data from Freddie Mac shows that 30-year mortgage rates have averaged 7.75% over the last 50 years.
When rates were unusually low, it almost didn’t matter if you weren’t careful about the type of loan or terms you agreed to with a lender. But now that rates have crept up, you want to make sure you not only get the lowest rate you can, but also the best type of loan and terms possible.
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