If you are looking for a home you may find the title of the article above discouraging. When Derek and I started going through the process a few months ago the mortgage rates were about 3.5%. Needless to say they have gone up since then and we were disappointed that we would not be able to take advantage of these historically low rates. However, if you speak to someone that bought a home during the late 70s and 80s you will learn that mortgage rates rarely dropped below 10%. In fact, in October of 1981 rates reached 18.63%. Looking at these numbers really makes today’s national average of 4.27% look a little bit better!