A Historical Look at Mortgage Interest Rates Infographic

It is no secret that mortgage rates have been dropping the last few years. As this chart clearly exemplifies, rates are at new lows, and today's rates are even lower. So what does the future hold for mortgage rates? Will they drop lower or should borrowers act now?

Mortgage News Daily says, "Things have never been as good as they are right now in terms of MBS and the rates that lenders are offering. We certainly don't rule out the possibility that things could get even better, but we'd sure hate to have missed out on this opportunity if they don't." There is always a chance for rates to drop even lower, but taking advantage of historical lows right now might be the way to go.

And just this week, according to Yahoo Finance, the average rate on the 30 year fixed mortgage fell to a new low, resulting in the cheapest rates in history.

Whether you are looking for an FHA loan or a Conventional loan you are going to get a great rate if you act soon. Not sure what loan is best for you? Check out our previous blog about FHA vs. Conventional Loans.