What does an 8% mortgage rate mean for YOU? Higher rates will cost the average American homeowner an extra HALF A MILLION dollars in the course of a 30-year loan
1 year, 5 months ago

What does an 8% mortgage rate mean for YOU? Higher rates will cost the average American homeowner an extra HALF A MILLION dollars in the course of a 30-year loan

Daily Mail  

Homebuyers today face paying $500,000 more in the course of a 30-year mortgage than they would have done two years ago after rates shot up to 8 percent. Homebuyers today face paying $500,000 more in the course of a 30-year mortgage than they would have done two years ago after rates shot up to 8 percent It is one of three main indexes to report on mortgage rates across the US. According to figures from the National Association of Realtors, existing home sales fell to a rate of 4.04 million a year in August, down 15.77 percent on last year Figures from the Mortgage Bankers Association show home purchase applications dropped by 5.7 percent in the week to October 4 - the lowest level since 1995 But already the soaring cost of home ownership has poured cold water on America's red-hot property market. According to figures from the National Association of Realtors, existing home sales fell to a rate of 4.04 million a year in August, down 15.77 percent on the same month last year.

History of this topic

Average US rate on a 30-year mortgage rises slightly for the second week in a row
1 day, 23 hours ago
Mortgage rates have declined but could stay at a level that makes it tough to afford a home
2 weeks, 2 days ago
Average US rate on a 30-year mortgage falls for sixth-straight week to lowest level since December
3 weeks, 1 day ago
Average US rate on a 30-year mortgage slips to 8-week low after fifth-straight weekly decline
1 month ago
Average US rate on a 30-year mortgage eases to 6.87%, fourth straight weekly decline
1 month, 1 week ago
Average US rate on a 30-year mortgage falls to 6.89%, third straight weekly decline
1 month, 2 weeks ago
Interest rates fall to 4.5 per cent – will your mortgage get cheaper?
1 month, 2 weeks ago
Average rate on 30-year mortgage eases for second week in as row, but remains just below 7%
1 month, 3 weeks ago
Average rate on 30-year mortgage slips below 7% after climbing five weeks in a row
1 month, 3 weeks ago
Mortgage rates have hit 7%. What should people searching for a home do?
2 months ago
Average rate on 30-year mortgage hits 7% after 5th straight increase, now highest level since May
2 months ago
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2 months ago
Average US long-term mortgage rate inches up to 6.93% this week for fourth straight increase
2 months, 1 week ago
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2 months, 1 week ago
Average U.S. long-term mortgage rate inches up for fourth straight increase
2 months, 1 week ago
Average rate on a 30-year U.S. mortgage hits 6.91%, according to Freddie Mac, the highest since July
2 months, 2 weeks ago
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2 months, 2 weeks ago
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2 months, 3 weeks ago
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3 months ago
Average rate on 30-year mortgage snaps 3-week slide and rises to highest level since late November
3 months ago
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3 months ago
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3 months ago
Economists’ 2025 housing market forecasts largely call for mortgage rates to stay above 6% next year
3 months, 1 week ago
Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline
3 months, 1 week ago
Average rate on a 30-year mortgage in the U.S. falls
3 months, 2 weeks ago
Average rate on a 30-year mortgage in the US falls to 6.69%
3 months, 2 weeks ago
Average rate on a 30-year mortgage in the US slips to 6.81%
3 months, 3 weeks ago
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4 months ago
Average rate on a 30-year mortgage in the US rises to highest level since July
4 months ago
Average rate on a 30-year mortgage in the US rises to highest level since July
4 months ago
The average rate on a 30-year mortgage in the US slips to 6.78%
4 months, 1 week ago
Average rate on a 30-year mortgage in the US rises for 6th straight week
4 months, 2 weeks ago
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4 months, 2 weeks ago
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4 months, 3 weeks ago
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4 months, 3 weeks ago
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5 months ago
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6 months ago
Average rate on a 30-year mortgage eases to 6.35%, its lowest level in more than a year
6 months, 3 weeks ago
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6 months, 3 weeks ago
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7 months, 1 week ago
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7 months, 1 week ago
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7 months, 1 week ago
Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February
7 months, 2 weeks ago
Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March
8 months ago
Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March
8 months ago
Average rate on a 30-year mortgage climbs for the first time since late May to just under 7%
8 months, 2 weeks ago
Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
8 months, 3 weeks ago
Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
8 months, 3 weeks ago
Average long-term US mortgage rate falls again, easing to lowest level since early April
9 months ago
Major lenders cut mortgage rates in ‘welcome boost’ for market
10 months ago

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