Mortgage loan rates have been going up, as everyone knows.

A year ago this week, the average 30-year fixed-rate mortgage loan was 5.72%.  Today, it is 6.37%, according to

The difference to the average homeowner?  Well, if you have a $300,000 mortgage loan, a year ago your monthly payment would have been $1745.00.  Today, it would be $1,870.  That’s going to hurt some people.

Historically, of course, rates are still low.  I would think just about everyone who has an adjustable rate mortgage today would strongly consider switching over to a fixed-rate mortgage.  You will pay a bit more, of course, but a 6.37% fixed mortgage is pretty sweet.  Your monthly payments will stay the same for the next thirty years, as your personal income goes up and up (or not).

As said in this week’s mortgage loan analysis:

In Bankrate’s mortgage surveys, the average rate on a 30-year fixed was 7.46 percent in 1999; 8.08 percent in 2000; 7.01 percent in 2001; and 6.55 percent in 2002. The annual average was below 6 percent in 2003 and 2004, and has been 5.85 percent so far this year — but that happy streak of rock-bottom rates looks to end in 2006.

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Updated: January 2018