Mortgage rates have a huge impact on the housing market and the affordability of home ownership.
Mortgage interest rates have remained at all time lows but are predicted to rise in the 1st quarter of 2017.
Now is a great time to buy before interest move up!
The infographic above shows historical data of what interest rates have been in the past and the impact they have on your monthly mortgage payment based on a $200,000 mortgage 30 year fixed fully amortized loan.
Some Highlights:
- The interest rate you secure for your mortgage greatly influences your monthly housing costs.
- In the 1980s, 30-year fixed mortgage rates averaged in the high 12s making the monthly principal and interest payment over $2,000.
- Interest rates are still at historic lows; this is a great time lock in your housing cost and protect yourself from increasing rents, or refinance your current mortgage.
