"Mortgage Rate Watching" seems to be a growing sport. The media reports every rate hike, no matter how insignificant. People loudly proclaim, "Rates are rising!", "Get out of your ARM now!", "Buy now before rates go up AGAIN!"

But let's put current mortgage rates in perspective. FreddieMac has been gathering data on the 30 year fixed rate since 1971. The 30 year fixed rate is generally considered the "standard" that other loan types are measured against. 

Being a former engineering type, I love to look at data. I'm a chartaholic. So I was compelled to chart the 30 year fixed mortgage rate over time. Below is the chart. And yes, recently rates have risen. But compared to historic levels, rates are still remarkably low. If you'd like this chart sent to you via email, just submit this short form. You are free to use it, all I ask is for appropriate credit to PhoenixRealEstateGuy.com (my blog) be provided.

You can also find other historical interest rate charts (30 & 15 year fixed, 1 year ARM and 5 year ARM) on the Phoenix Real Estate Guy weblog.

For current rates and mortgage news