What's the Latest on Interest Rates
Mortgage interest rates have decreased more than a full percentage point since Q4 of 2018, reaching near-historic lows. This is big (good) news for buyers looking to get more for their money in the current housing market since even a small change in interest rates can impact your monthly housing cost.
So What's The Latest?
What's The Significance?
Now's the time to take advantage of the market’s low-interest rates! That's what everyone is saying at least. But how significant are interest rates really?
Other than paying a little more over time, do small increases and decreases in interest rates really make that much of a difference in the grand scheme of things?
Well, let's let the numbers do the talking. The infographic below shows how the interest rates have changed over the past 30 years, and what it means for your home purchase.
What it usually boils down too is the lower the interest rate, the more home you can afford! This means you can bump up your price point, while still paying the same monthly payment. Now that’s something to cheer about!
Historical Interest Rates
So we've talked about how interest rates have changed over the last year or two, but what about the last decade or so? Here's a look at historical interest rates by decade. While there was likely some variance year-by-year, the overview helps us realize how our current rate is MUCH lower than even a decade ago.