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)
