Roanoke-area realtors say prospective buyers will have to adapt to higher mortgage interest rates, but historically speaking, they remain far below those of some other decades. Back in the early 1980’s, for instance, the average mortgage interest rate climbed well into the teens. Federal figures show the average rate since 1971 is 7.7%, but first-time homebuyers in particular might still balk at current rates that have almost doubled this year to just under 6%. WFIR’s Evan Jones has more:
Click here to see home mortgage interest rates from 1971 to present.