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How Interest Rates Can Impact Your Monthly Housing Payments

Wednesday, March 4, 2020   /   by DeeDee Meyers

How Interest Rates Can Impact Your Monthly Housing Payments


How Interest Rates Can Impact Your Monthly Housing Payments



 



Spring is right around the corner, so flowers are starting to bloom, and many potential homebuyers are getting ready to step into the market. If you’re thinking of buying this season, here’s how mortgage interest rates are working in your favor.



 



Freddie Mac explains:



 



“If you’re in the market to buy a home, today’s average mortgage rates are something to celebrate compared to almost any year since 1971…



 



Mortgage rates change frequently. Over the last 45 years, they have ranged from a high of 18.63% (1981) to a low of 3.31% (2012). While it’s not likely that the average 30-year fixed mortgage rate will return to its record low, the current average rate of 3.45% is pretty close — all to your advantage.”



 



To put this in perspective, the following chart from the same article shows how average mortgage rates by decade have impacted the approximate monthly payment of a $200,000 home over time:


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