We qualify for a 30y fixed of 5.6% (APY) which would make: 574$/ month for 30 years for every $100 000 borrowed. Bankrate is an excellent website to check rates.
I have an Excel file with all mortgage rates for a fixed 30 y since 1971. Here are the lowest and highest mortgage rates for the last 10 years.
YEAR / Lowest 30y fixed / Highest 30y fixed
2007: 6.10 - 6.70
2006: 6.14 - 6.76
2005: 5.58 - 6.33
2004: 5.45 - 6.29
2003: 5.23 - 6.26
2002: 6.05 - 7.01
2001: 6.62 - 7.16
2000: 7.38 - 8.33
1999: 6.79 - 7.94
1998: 6.71 - 7.14
1997: 7.10 - 8.14
3 comments:
You know, I never understood those darn mortgages. We have a 30 yr fixed, from 2004, but our mortgage is at 6.75%. At that time I was told that it was pretty good by some people at my work. Maybe I got screwed after all, from looking at your high/lows...Our credit was excellent, so that wouldn't have been a factor. Maybe Mr. Economist can explain to me please because I would like to know....
Don't trust anyone when your money is on the line. Mister economist says that money is a scarce resource so everyone wants YOUR money.
Did you get bids from different mortgage companies?
I don't want to make it any worse, but those mortgage rates were average rates, rates for people with decent credit +675 are definitely 50 basis points lower.
ramses
I guess that's where we went wrong: we just got the builder's mortgage and we got a $3,000 incentive.
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