mortgage

Montague Miller Blog Home

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
buying a home | 94 Posts
mortgage | 3 Posts
real estate news | 44 Posts
selling a home | 28 Posts
Uncategorized | 8 Posts
February
26

With interest rates hovering at near historic lows, now is a great time to look back at where they've been, and how much they've changed over time.

  • According to Freddie Mac, mortgage interest rates are currently hovering near a five-decade low.
  • The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it's time to lock in now while rates are still low.
April
27

 
January
6

mortgage interest rate over 4 percent title graphicMortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie MacFannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades.

Historic Mortgage Rates By Decade | Keeping Current Matters

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago; a lower rate than your parents did twenty years ago and a better rate than your grandparents did forty years ago.