amymaier4.83% for a 30 year home mortgage, wow. We have all gotten complacent about seeing these historically low interest rates, but the average national 30 year home mortgage interest rate just dropped to 4.83%. This is truly amazing, and to put it in perspective, below is a table to show how interest rates impact you, your money and your monthly payment.
Loan Amount 4.83% 6.0% 8.0% 10.0%
$200,000 1,053 1,199 1,467 1,755
$400,000 2,105 2,398 2,935 3,510
$600,000 3,158 3,597 4,402 5,265
Right now, it seems impossible that interest rates could go up to 10% but historians often use between 10-12% as the norm for interest rates. For a $200,000 loan amount, your payments would increase by $700 per month. That is a hefty hit for the typical family.
That is why these are exciting times for real estate ownership
Filed under: Housing Market, Interest Rate News, Real Estate News
