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  • Minneapolis / St Paul, MN: Mortgage interest rates have always been a roller-coaster ride. Ups and downs, and twists and turns.

    With the pandemic induced interest rate lows of 2020 and 2021 now a thing of the past, the return to a more normal interest rate patterns has many people freaked out.

    This historical mortgage interest rate chart from March 1971 to March 2022 is very interesting to look at.

    Historical Mortgage Interest Rates

    Oh course any rise in mortgage interest rates has an impact on a home buyers purchasing power, especially first time home buyers, so people are asking if they should wait to buy a home until rate come back down.

    First, look at the graph again. Now remember that if mortgage rates come back down, you can always refinance. But if you wait, and rates keep going up, then you are stuck with both higher rates AND a higher home price.

    Think about it.