Current Interest Rates: October 2023

People talk to me about interest rates all the time. Rates have been up in the low sevens for a while now. But what most people don’t realize is that over the last 50 years, interest rates have been almost 8%. That’s a 50 year average that’s almost 8%. Today the rates are about 7.4%.

So while it’s pretty close, you’re still buying a house and paying interest at a lower rate than the average interest rate over the last 50 years. Given the current market situation where there is almost no inventory and there is high demand, house prices continue to increase. So if you buy your house now and get the best rate you can get currently, you’ll still be better off than waiting because prices will go up. And even if the rates are down, which is probably doubtful, you’ll be paying more interest or more of a payment because you’ll have to pay more for the house.