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6
Investment
Trends
30-year mortgage interest rates are lower than they have been in
decades. Homebuyers today now have more purchasing power than
in years past.
In addition to increased purchasing power, homeowners today save
thousands on interest payments. Borrowers with a 2.9% interest rate
on a 30-year xed-rate mortgage of $300,000 will pay $1,248.69
per month in principal and interest (taxes and fees not included).
The total interest paid over the life of the loan will be $149,528.38.
That same mortgage taken out a year ago would cost an additional
$43,919.28 in interest over the life of the loan.
Bill Baneld, Executive Vice President
of Capital Markets, Quicken Loans:
"No matter what you're looking for, this is a great time
to buy since the current low interest rates can stretch
your spending power…With interest rates in the two's
available, a buyer can afford much more home than they
could have just a few years ago."
"Buy land;
they're not
making it
anymore."
- Mark Twain
Owning a Home is Now More Affordable
DECADE AVG RATE
MORTAGE
PAYMENT**
1970s 8.86% $2,384
1980s 12.7% $3,248
1990s 6.29% $1,855
2000s 6.29% $2,226
2010s 4.09% $1,448
TODAY* 2.9% $1,249
Mortgage Payment for a $300,000 Loan by Decade
Source: Fannie Mac | *Average rate for Sept. 2020 | **Principal and Interest Payments rounded to the nearest dollar
