This is a great question, that is probably on everyones minds. Here is some basic information to help answer this question.
Over the past 20 years the highest interest rate at a given time was 9.25%, and that was in 1994.
But the highest its been since in the last 36 years is almost 17%! Today its right around 3.50%. What a difference!
To give you an idea of how big of a difference this is, here is an example:
On a 30 year fixed for 150,000 loan, and with an interest rate of 17%. You payment would be 2,138 dollars a month! And you would end of paying 620,000 in just interest! WOW!
On a 30 year fixed for 150,000 loan, and with an interest rate of 3.5% the payment would be 673 dollars a month. And you would just pay 92,000 dollars for interest! That is a huge difference. Now its been a long time since rates have been that high. But that just gives you an idea of how important interest rates are.