Mortgage Rates: Kevin Drum Must Be Really Young

We have graphed the 30-year fixed mortgage rate from 1971 to today as something about the latest from Kevin Drum didn’t seem quite right:

My first thought when I see a 30-year fixed rate of 6.74% is that it’s an incredible bargain. Until about 2002, I hadn’t seen a rate that low in my entire adult life.

Maybe we had not seen mortgage rates lower than 6.7% in our adult lifetimes, but surely Kevin is old enough to recall when mortgage rates dropped below 6.75% during the latter part of 1998.