Even with residential mortgage rates projected to rise, it’s always good to take a moment, look back and see that we are in good shape historically.
Back in the 1980s, interest rates were at an average of 12.7% (OUCH!) and on a $200k mortgage, that monthly payment would be around $2,166. Here in 2014, our average rate has been 4.10% – meaning the monthly payment on that same house is around $966. What a different a those interest rate points make. Check out the chart below to see the other periods of time and their related payment amounts.
This information, combined with the hot housing market in North Atlanta is more evidence that now is a great time to buy! Please contact me as you consider any real estate transaction.
Average Interest Rate & Mortgage Payment Across Time
The average 30-year fixed mortgage rates and the approximate payment for a $200,000 mortgage. Payments are principal and interest only based on a $200,000 fully amortizing mortgage. Source: Freddie Mac
Infographic provided by KeepingMattersCurrent.com