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............
you can find us on the web at www.NeighborlyFinancialMortgage.com