09/17/2026
If you’re waiting to buy a house because mortgage rates are “insanely high,” I have some mildly inconvenient news for you:
7% is actually below the long-term historical average.
Mortgage rates have averaged roughly 7.7% since Freddie Mac started tracking them in 1971.
So no, 7% is not some unprecedented financial apocalypse.
The real problem is that everyone got spoiled by 2–3% rates for a year, and now anything with a 6 or 7 in front of it feels like highway robbery.
Those ultra-low rates were the weird part. Not today’s rates.
Now, does that mean housing is cheap? Absolutely not. Prices are high, payments are high, taxes are high, insurance is high… basically everything except my patience when someone tells me they’re waiting for 3% rates to come back 😂
If buying makes sense for your budget, don’t let a historically normal interest rate scare you into sitting on the sidelines forever.
And if rates drop later? Refinance.
The house price, unfortunately, does not come with a refinance button.