BUY NOW or Forever Hold Your Peace ~ Recent Rate Drop Increases Affordability
Posted by Tim Bray on
Over the last 6 years we saw rates on mortgages fall to a level not seen before. In 2007 the average rate for a 30 year fixed rate mortgage was 6.25%. In the Spring of 2013 that rate had fallen to an average of around 3.5%. Let’s take a look at what that payment difference was in dollars on a $160,000 mortgage (all examples below are calculated based upon principal and interest payments only; tax and insurance escrows are not included):
Rate Monthly Payment Payment Difference % Change in Dollars
6.25% $ 985.15
…
3864 Views, 0 Comments