It’s no secret that the home buying market is very different than it has been for the past two years. On the one hand, the continued increase in mortgage rates is making the process even less affordable and average home prices are still near historic highs.

Average rates on the hugely popular 30-year fixed-rate mortgage have been hovering around the 5% mark since April this year — the first time in over a decade – with the most recent average weekly rate at 5.81% at the time of this writing.

Comparing all of this to 2020 and 2021, the rates have certainly increased. However, putting the current 30-year rate in context with the trend in the average rate over the past few decades shows us that it is still relatively low — and relatively affordable.

According Freddie Mac data going back to 1971the long-term average of 30-year mortgage rates is just under 8%, with the peak average reaching a whopping 16.64% in 1981. Overall, in context, the current rate of 5.81% over 30 years is still lower than the historical average rate.

While financing a new home can certainly seem daunting, a mortgage loan is generally considered “good debt” to contract. Real estate – or more specifically the land it sits on – tends to appreciate over time, which means it increases in value over the long term.

However, the current economic climate is rightly making it a bit more difficult to put down a down payment on a new home given the rising prices of everything else. That said, there are lenders that offer good options.

hunting bank, for example, offers a DreaMaker℠ loan that lets buyers make a down payment as low as 3% if they meet certain income requirements. This is an attractive financing option for those who want to keep the down payment as small as possible in order to set aside more money for other expenses.

Another solid option is SoFi, which offers homebuyers a number of discounts that can help them save as much money as possible throughout the home buying process. If you lock in a 30-year rate for a conventional loan, you can get a 0.25% discount on your interest rate. And when you buy a home through the SoFi Real Estate Center, powered by HomeStory, you can receive up to $9,500 in cash back. Another attractive perk is that SoFi members can also get a $500 mortgage discount.

Today’s rising mortgage rates give homebuyers a reason to pause, but with rates set to rise further, it’s worth considering locking in what’s still a relatively low rate today. today, historically speaking.

Remember that the mortgage rate you receive will depend on personal variables such as where you live, your credit score and the amount you plan to pay as a down payment, as well as the type, term and amount of the mortgage.

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