This post provided by Money-Rates.com.

There can be a fair amount of hype associated with products like mortgages, so when you hear a phrase like “current mortgage rates are historically low,” how seriously should you take it?

It turns out that there are at least three reasons you should take it very seriously indeed. Current mortgage rates are historically low in three distinct ways:

1. Current mortgage rates are barely half of their historical average. Since the early 1970s, 30-year mortgage rates have averaged 8.86 percent. Current mortgage rates, at 4.50 percent for 30 years, are just over half that average, and barely above the all-time low of 4.23 percent.
   
   

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