Oh No! Interest rates are so high!
• Historically speaking, the 30-year fixed rate mortgage is
not really that high. It is high compared to where we just were but not compared over time.
• 1981 – 18.45%
• 1990’s – 7% – 9%
• 2000’s – 5%- 6%
• 2010’s – 3.45%- 4.87% (one time record low of $3.35%)
• December 2020 – 2.68%
• Most of 2021 – 2.7%- 3.10%
• Interest rates have steadily climbed each month and are
now 6.82%
What does the interest rate do to my payment?
• Sales Price: $100,000
• 1981: Interest rate 18.45%
• Payment: $1544
• 2022: Interest rate 3.35%
• Payment: $441
