So… How are the mortgage rates?

Saying that Mortgage rates are good doesn’t seem to resonate with the public… for a better understanding of just how good they are take a look at Mortgage Rates Through the Years…

Here’s an overview of mortgage rates in the past four decades, as well as the approximate payment on a $200,000 mortgage and how it changes with the rise and fall of rates, according to Freddie Mac.

1970s

Average 30-year fixed-rate mortgage: 8.86%

Approximate payment on a $200,000 mortgage: $1,589

1980s

Average 30-year fixed-rate mortgage: 12.70%

Approximate payment on a $200,000 mortgage: $2,166

1990s

Average 30-year fixed-rate mortgage: 8.12%

Approximate payment on a $200,000 mortgage: $1,484

2000s

Average 30-year fixed-rate mortgage: 6.29%

Approximate payment on a $200,000 mortgage: $1,237

2014

Average 30-year fixed-rate mortgage: 4.36%

Approximate payment on a $200,000 mortgage: $997

Source: “Mortgage Rates: From Dirt Cheap, to Cheap,” Freddie Mac (March 24, 2014)