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

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Blanche is a renowned author of five real estate books. Her newest, Bubbles, Booms and Busts: Make Money In Any Real Estate Market, McGraw-Hill, was rave-reviewed by The New York Times. She was also selected from hundreds of real estate experts to contribute to Donald Trump's book, Trump: The Best Real Estate Advice I Ever Received: 100 Top Experts Share Their Strategies, Rutledge Hill Press, and is featured on page 68. Order Now Review - Honors In 2006, Blanche was selected among scores of candidates to author two consumer real estate guidebooks for the National Association of Realtors: The NAR Guide to Home Buying, and The NAR Guide to Home Selling, Wiley & Sons. She is currently planning two new books for the NAR and its members.       Known for her keen insight into real estate industry issues and for her ability to make complex subjects easy to understand, Blanche is a sought-after keynote and continuing education speaker. Real estate organizations from MLSs, to brokerages, to franchisors, to associations hire her to provide up-to-the-minute analysis of real estate industry news and advice on how to improve revenues. Her passionate delivery, peppered with stinging wit, is a huge hit with audiences and fans. Don Klein, CEO Greater Nashville Association of Realtors, Blanche Evans, Richard Courtney, president 2007, GRAR "The GNAR membership meeting last week featured Blanche Evans as the keynote speaker. Her comments and insights resonated extremely well with those in attendance and we have had many requests for copies of her PowerPoint Presentation. She was a terrific part of the membership meeting and convention program!" - Don Klein, CEO Greater Nashville Association of Realtors Coverage from WSMV, Nashville - 8-14-2007 That Interview Guy - Get Inside The Head Of Today's Generation 2007 AE Institute Session - To purchase 2006 AE Institute Session - Parts 1 2 3 4 5 6 7 8 9 HouseValues Mastermind call - Parts 1 2 Blanche's fireside chat with Jeremy Conaway, HAR - Click here. For more articles by Blanche, click here.