The "Good Old Days"
November 11, 2011 2011-11398
By some measures, the past four years have been the worst economically since the Great Depression of the 1930s. But while today’s financial difficulties are real, there are some positives. For example…
According to statistics from Freddie Mac, the average interest rate on a 30-year fixed rate mortgage was 18.45% in October 1981 (i.e., 30 years ago). The average interest rate on a 30-year fixed rate mortgage last week on Thursday, 10/13/11, was 4.12%. The former mortgage rate would produce a $1,544 monthly “principal and interest” payment on a 30-year fixed rate mortgage for $100,000 while the latter would cost just $484 per month.