The 30-year fixed-rate mortgage averaged 7.09% in the week ending August 17, up from 6.96% the week before. Rates have been above 6.5% since the end of May and climbing higher since mid-July. This week’s average rate is the highest the 30-year, fixed-rate mortgage has been since April 2002 when it was 7.13%.
I unfortunately wasn’t able to refinance, but I’m still significantly below 4%. I don’t think I could afford to buy my own house today with current rates and house values because my mortgage would more than double.
Below 4% is a huge win. I bought my house in 2007 at 6.5%. Refinanced after the financial meltdown at 5% then again in 2012 at 3.25%.
It’s been an absolute gift to build equity with such a low rate, but I’m also lucky that I didn’t have to move.
My wife wants to build a house, and I told her we’ll think about it once rates come down a bit, otherwise we’ll just build with cash later in life.