The Cost Across Time
With interest rates around 3.66%, now is a great time to look back at where they’ve been over the past few decades.
Comparatively, they’re pretty low!According to Freddie Mac, rates are projected to increase to 3.9% by this time next year.
The impact your interest rate has on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year and $7,200 over the life of your loan.
Maybe it’s time to lock in now, while rates are still historically low.