Let’s get the bad news out of the way first.

Mortgage rates on a 30-Year Fixed-Rate Mortgage are higher, on average, this year than they were last year. According to Wells Fargo:

ProductInterest RateAPR
Conforming and Government Loans
30-Year Fixed Rate4.875%4.994%
30-Year Fixed-Rate VA4.750%5.112%
20-Year Fixed Rate4.750%4.896%
15-Year Fixed Rate4.375%4.559%
7/1 ARM4.250%4.942%
5/1 ARM4.000%4.989%
Jumbo Loans– Amounts that exceed conforming loan limits
30-Year Fixed-Rate Jumbo4.500%4.545%
15-Year Fixed-Rate Jumbo4.125%4.240%
7/1 ARM Jumbo3.875%4.703%
10/1 ARM Jumbo4.125%4.643%


So much for the bad news.

The good news is that according to FreddieMac the average interest rate going back to 1971 has been 8.21%.  So even if the interest rate is higher than it was last year, it is still lower than it was as little as 10 years ago.