Yes, it’s true that home mortgage interest rates have taken a significant step upward in the past several months.
But, let’s keep that in perspective by looking back at the history of interest rates over the last 30 years. Assume for the moment that way back in 1983, you borrowed $250,000 to buy a house or a town home or a condo. Your monthly payments back then would have been $2,812.47. Now compare that to what the monthly costs of borrowing that same $250,000 are today: $1,266.71
Examine the chart and think about how today’s interest rates give you more home-buying power than we’ve seen in decades.
Yes, it’s true that interest rates were a bit lower last year. And yes, it’s true that the trend for interest rates is moving upward. But as of today, interest rates are still near historic lows.
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