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Brockway Realty Blog
Keeping you in touch with League City, the Galveston Bay Area, and beyond.

Do you remember when…
Posted In: Residential Posted by James Brockway on 08/13/2012

Five years ago, 30 year mortgage interest rates averaged about 6%;  today, they are below 3.75%.  So, today if you were to get a $200,000, 30 year loan, you would pay $926.23 per month (not counting tax and insurance escrows that your lender may require). Five years ago, you would have paid $1,199.10 for the same loan-a $272.87 monthly savings!

When your parents bought their house in 1980, they would have paid 15% interest, so that same $200,000 loan would have cost them $2,528.89 per month!

We are living in an incredible interest rate era; it is hard to believe rates will ever be this low again.

Tagged With: Interest Rates | Mortgage Rates | Residential