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For those of you born in the past 30 years, you’ve only experienced mortgage rates of 6% or less for your entire adult life. This is quite remarkable considering the historical average is closer to 8%.When these buyers look at what their potential mortgage payment will be for a given home, they are used to much lower payments than most of us have experienced. How much lower?This website link allows someone to put in the loan amount and then scroll over a given year to see how much the payment was at that time.For instance, today’s buyer needing a $250,000 mortgage will pay about $1,194/mo, while a buyer in 1981 (the peak for rates) was paying a whopping $3,489/mo, or $2,296 less per month! In other words, today’s buyer could afford to buy nearly 3 homes for the same mortgage payment as a buyer had to pay for 1 home in 1981! Even at the historical average of 8% that same mortgage would be $1,841/mo or $647 MORE per month than at today's rates! Current home buyers are advised to find a home at today’s prices and mortgage rates before both rise further in the future.