History and Outlook of Mortgage Interest Rates After the economic downturn caused by the credit crisis and pandemic, mortgage interest rates approached 3%. If a trade war storm causes inflation and recession, mortgage rates could potentially return to the 3% era again. However, if such a situation occurs, the economy and housing market would likely face greater challenges. Despite lower mortgage rates, purchasing homes might become more difficult. Current mortgage interest rates are much lower than their historical peaks in the 1980s, but significantly higher than the lows of under 3% in 2021. As housing prices continue to rise, many people are postponing their dreams of homeownership. Is Now a Good Time to Buy a House? Those considering buying a home may wonder if now is a good time to purchase. While there are expectations that mortgage rates will drop when the Fed lowers interest rates, looking at past mortgage rate trends shows various fluctuations depending on circumstances. The saying "the…