What you need to know about interest rate trends before buying a home

Discover how interest rates impact your mortgage payments and how much home you can afford.

Photo depicts a woman talking to a mortgage lender

It’s no secret, interest rates were low in the wake of the Great Recession that started in 2009. For those who could still afford to buy homes at the time, those interest rates made it cheaper than ever to borrow money to purchase a property. Since then, interest rates have risen as the economy recovers.

Current interest rates for 30-year fixed-rate mortgages are hovering around 3.75% — slightly higher than the all-time low of 3.31% in 2012. Nonetheless, today’s mortgage interest rates are still low, making it a good time to borrow money and buy a house.

Check current interest rates.

Written By: Kali Roberge