Year Will End With Homebuyers in Tougher Position
According to the BankingMyWay Weekly Mortgage Rate Tracker, the average national 30-year-fixed-rate mortgage hit 4.54% last week, up slightly from 4.48% the week before.
This will go down as a year that saw mortgage rates rise significantly. New data from Freddie Mac shows that one year ago, the national 30-year-fixed-rate mortgage was 3.35%, meaning rates have risen by 119 basis points over the course of the year, adding to the financial burden of new homebuyers.
Heres the difference, in dollars, between mortgage payments using both rate figures:Scenario 1 Total mortgage loan: $250,000
Interest rate: 4.54%
Duration: 30 years
Monthly payment: $1,272.66
Total interest paid: $208,158.31 Scenario 2 Total mortgage loan: $250,000
Interest rate: 3.35%
Duration: 30 Years
Monthly payment: $1,101.78
Total interest paid: $146,642.18 Consequently, if you bought a home with a $250,000 mortgage Dec. 27, 2012, you would have saved $61,516.13 compared with buying a new home with a $250,000 mortgage one year later Friday.
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