For those of you that are underwater, don't feel alone. Last week Zillow reported that in the 4th quarter of '09, 21% of all homeowners are underwater with their mortgages.
Monday, February 15, 2010
Wednesday, February 10, 2010
I thought it would be fun to see where 30 year mortgages have been lately. This shows where they have been for the last 5 years. Interesting, but they peaked at 6.35% about 3 times, with lows near 5%.
If you taken out a $300k mortgage at the high and the low, your mortgage payments would have been $1870 and $1610 respectively. That's about $260 per month, or 16% higher.
It will be interesting to watch the impact that inflation has on interest rates in the next year or two and the subsequent impact on home demand and prices............
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