Rancho Cucamonga, CA (PRWEB) May 17, 2013
On November 21, 2012, 30-year fixed rate mortgage averages reached an all-time low of 3.31 percent. We may never see rates like that again, but hopefully we’ll never see the rates of the 80s and 90s either.
The latest loans.org infographic takes borrowers back in time to examine mortgage loan interest rates.
Consider this: if you bought a $300,000, four bedroom, four bathroom home in 1991, you would have had a 9.25 percent interest rate and paid $2,468 a month. That same home would have cost you $3,503 in 1982, when the interest rate was a sky high 16.7 percent.
If you bought that same home in 1985, when the interest rate was 12.03 percent, you would have paid over $800,000 in interest over 30 years, enough to buy 32 Deloreans.
That same home today, under a 3.5 percent interest rate, would cost you almost half the interest, enough to buy over 600 brand new iPhones.
To put it another way, today’s $1,347 monthly payment would be almost half of what you would have paid 22 years ago, all thanks to today’s low rates.
For the full infographic, please visit http://loans.org/mortgage/infographics/back-future-cost-mortgage-rates.
For additional information on mortgage loan interest rates please visit http://loans.org/mortgage/rates.
loans.org is a leading lending authority website that covers financial news, produces informative articles, and answers frequently asked questions. In addition to providing lending-related information, loans.org also hosts a variety of free online application forms for prospective borrowers to use when applying for loans.
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