An infographic from Loans.org shows just how big a difference mortgage rates can make to lowering home buyers’ and home owners’ monthly payments over the years.
For example, the infographic shows that a home owner in 2013 could pay $1,347.13 a month for a four-bedroom, three-bath home.
But just four years earlier, in 2008, the average interest rate was nearly double at 6.03 percent and a monthly payment for that same size home averaged $1,503.70.
The infographic shows mortgage rates from the 1980s to today and mixes in pop culture references to illustrate the change over time.
For example, in 1982, mortgage rates averaged as high as 16.70 percent. A monthly payment would be $3,503.36.
“We thought the best way to understand the savings that today’s mortgage loan interest rates brings is by comparing present-day costs with the pasts,” Loans.org says in a public statement about its “Back to the Future: The Cost of Mortgage Rates Past and Present” infographic.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2013/05/21/low-mortgage-rates-making-big-difference
At GayRealEstate.com, we keep you updated with all the gay realtor, lesbian realtor, gay realty, gay real estate and general real estate news affecting the LGBT community coast to coast, and in your neighborhood.
Click here for list of gay realtors, lesbian realtors and gay friendly realtors Nationwide.
If you have a real estate story that you’d like to share with us with the gay and lesbian real estate community, please contact us at: manager@gayrealestate.com
