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Interest Rates: The Difference A Year Makes
Rates on 30-year fixed-rate mortgages guaranteed by Freddie Mac fell this week to 4.82 percent, staying below 5 percent for those with good credit scores. Just a year ago, the same rate was at 5.88 percent.
To put this one percentage point difference in perspective, we compare the payments on a one-bedroom loft in Capitol Hill on the market for $345,000 at today’s interest rates versus what they would’ve been one year ago.
Monthly payment calculations based on a 15 percent down payment and a 30-year fixed rate mortgage at 5.88%:
Monthly payment calculations based on a 15 percent down payment and a 30-year fixed rate mortgage at 4.82%:
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This article originally published at https://dc.urbanturf.com/articles/blog/interest_rates_the_difference_a_year_makes/809.
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