Throughout The Years
Across time, average interests and mortgage rates have fluctuated. During the 1970’s, the average interest rate was 8.86% with an average mortgage rate of $1,986. During the 1980’s, the average interest rate was 12.7% with an average mortgage rate of $2,707. During the 1990’s, the average interest rate was 8.12% with an average mortgage rate of $1,855. During the 2000’s, the average interest rate was 6.29% with an average mortgage rate of $1,546.
Today the average interest rate is 4.55% with an average mortgage rate of $1,274. Even with the projection that interest rates will increase by a half a point in the next 12 months, we are still well below historic numbers!
Average
The average 30-year fixed mortgage rates and the approximate payment for a $250,000 mortgage. Payments are principal and interest only based on a $250,000 fully amortizing mortgage.
Bottom Line
If you are planning on buying a home, today is best day to do so. Interest rates are down, mortgage rates are down. The best time to buy a home is now!
