How much do low rates save you each month? - TheCondoHub - Washington DC Metro area #1 condo site

How much do low rates save you each month?

At the end of last year, rates were poised to rise to over 5%. Now, with impending trade wars and concerns with global growth, rates are at the lowest they have been in 17 months.

The average 30 year fixed rate dropped to 3.82%. Last week, they were at 3.99% and a year ago, they were at 4.54%.

The average 15 year fixed rate also dropped to a low of 3.28%. Last week, they were at 3.46% and a year ago, 3.74%.

How much does that save you each month? Here are a few scenarios at different price points to show you the difference.

30 Year Fixed Loan

Loan Amt3.82%3.99%4.54%5.00%

So, for example, if you had a $400,000 loan and last year's average rate of 4.54%, your principle and interest payment (i.e. your mortgage payment) would have been $2,036.26. This week at an average rate of 3.82%, your payment would be $1,868.39. A saving of $167.87 per month.

15 Year Fixed Loan

Loan Amt3.82%3.99%4.54%5.00%6.00%
Rick Bosl
Rick Bosl
Rick learned early in his real estate career to pick a niche and become an expert in that area. Condos were a natural choice and he has been helping condo buyers and sellers ever since.