An infographic from Loans.org shows just how big a difference mortgage rates can make to lowering home buyers’ and home owners’ monthly payments over the years.
For example, the infographic shows that a home owner in 2013 could pay $1,347.13 a month for a four-bedroom, three-bath home.
But just four years earlier, in 2008, the average interest rate was nearly double at 6.03 percent and a monthly payment for that same size home averaged $1,503.70.
The infographic shows mortgage rates from the 1980s to today and mixes in pop culture references to illustrate the change over time.
For example, in 1982, mortgage rates averaged as high as 16.70 percent. A monthly payment would be $3,503.36.
“We thought the best way to understand the savings that today’s mortgage loan interest rates brings is by comparing present-day costs with the pasts,” Loans.org says in a public statement about its “Back to the Future: The Cost of Mortgage Rates Past and Present” infographic.
Back to the Future of Home Loan Rates
This mortgage loan infographic was made by the team at loans.org Source: “Back to the Future: The Cost of Mortgage Rates Present and Past,” Loans.org