Altius Mortgage’s Dave Monson was recently interviewed by Brian Carlson with ABC 4 News about the recent spike in home mortgage rates. If you are in the market, or you have been sitting on the fence now is the time to buy.
HOME MORTGAGE RATES SPIKING
This last move in the last two months is the sharpest increase that I’ve seen is 15 years in the mortgage industry.
For example, the average rate in a 30 year fixed mortgage is now at 4.51%, a two year high. But just more than six months ago that rate was just 3.31%. That may not seem like much of a difference, but look at what happens over 30 years. Take a full mortgage on a $200,000 loan. At that historically low rate just months ago it would’ve cost you only $877 a month. At the new rate now, it jumps to $1,015 a month, a difference of $138. That adds up quickly, over 30 years that’s an additional $49,517 on that mortgage.