I love big picture charts that cover more time than just a couple years. This chart shows you mortgage interest rates from the year 1900. We are essentially at the lowest ever today in 2016, at 3.5%.
Hard to believe just in 2008 rates were 6.5% - that's a $500 DIFFERENCE IN MONTHLY PAYMENT!
Imagine the late 70's and early 80's, at 19%! Buying an $89,000 home back then would be the same monthly payment as buying a $212,000 today! If you are looking to buy now is the time. Don't cry to me when rates go up in the next few years!