I have been Listing and Selling Real Estate since 1971, spanning 6 Decades now! Never once did I think a 30 Year Fixed Rate Mortgage would be under 3%.
And, YES, Mortgage Interest Rates did drop below 3 %!
During my Career, I did sell a home where the Buyer obtained a 19.4% Mortgage and another sale where the Buyer assumed a 4% VA Mortgage Loan when Mortgage Rates were much, much higher.
Interest Rates do have an impact on the Mortgage Payment and Affordability! And a Buyer’s Credit Score will influence the Mortgage Interest Rate!
Monthly Mortgage Payments for a $300,000 Mortgage for 30 Years
Below are Mortgage Rates By the decade(1970’s-Today) and Annual Mortgage Interest Rates from 1980.
Keeping Current Matters
Mortgage Rates & Payments by Decade [INFOGRAPHIC] 8/14/2020
The above article was written by David Fialk, Realtor Emeritus.
Licensed Since 1971, David Fialk is Licensed Real Estate Broker Salesperson in North Carolina(Intracoastal Realty, Wilmington 28411) & New Jersey(Coldwell Banker Residential Brokerage, Metuchen 08840) and has helped more than 1800 Families Move across Town… Throughout the State… and Across the Country!