Did You Know that the interest rate for a 30-year fixed mortgage hit a record high of 18.45 percent in October 1981? This is more than 15 percentage points higher than its all-time low of 3.31 percent in November of 2012. On a $200,000 mortgage, that would amount to a difference of about $2,200 in a monthly mortgage payment!
Today's rates are still near record lows. At an average of 4.20 percent for May, a monthly payment on the same mortgage would be about $1,000.
Read other Did You Know? posts in our series to celebrate National Homeownership Month.
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