Average rate for 2007 6.52%. Low for this cycle was 5.72% in 2003.  2004 was nearly identical (5.73%).  Previous low (since 1963) was 5.95% in 1965.  High average rate was 15.33% in 1982.  Not surprisingly the rate of home sales in early 80s was very low.  Many analysts call the current rates historic  lows.  Since I remember my father’s mortgage in the 1950s was less than 5%, I call these the lowest rates in 2 generations.