If you're putting off buying a home because you think you can do better than today's rate, you're taking a real chance.

Why? Because history says interest rates are at near record lows, and they only have one way to go -- up.

To find out why homebuyers like you aren't buying, we went to Freddie Mac's website. There's an historical graph there that shows what mortgage interest rates have been since 1971, when the index first began. When you look at the numbers, one thing is clear -- these are not normal times.

Since 1971, only three years have averaged mortgage interest rates below 6 percent: 2003, 2004, and 2005. Only seven years have averaged under 7 percent: 1998, 2001, 2002, 2003, 2004, 2005, and 2006. And it looks like 2007 is going to join that list.

Because these low interest years have all occurred since 1998, it's logical to assume that homebuyers think that 6 percent is the norm. But history says otherwise. If you put all the years between 1972 and 2006, your average mortgage interest rate would be a whopping 9.31. You'd be paying about $450 more for your home, just in interest payments.

Don't let interest rates stand in your way. There are only three things that matter when you are buying a home -- getting the home you want, at the price you want, at the interest rate you want to pay.

With inventories at 11-month levels, you should be able to negotiate the right home at the right price. If you can qualify for today's low mortgage rates, consider yourself more than lucky -- you hit the trifecta.

Published: December 10, 2007

Use of this article without permission is a violation of federal copyright laws.