A seemingly significant increase or decrease in mortgage rates can often be misleading; the average for 2024 stayed within a normal historical range despite the headlines.
For 2024, the 6.72% average mortgage rate is only the 31st-highest over the last 52 years, indicating that today's rates, while high compared to recent lows, aren't historically extreme.
The noise from daily updates on mortgage rates can skew perception; long-term averages are more informative than short-term fluctuations for understanding market trends.
Historical context is key; while 2021's rates were exceptionally low at 3%, the average normal mortgage rate historically leans towards 7.7%, stabilizing current market evaluations.
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