As expected, with continued strain on the economy, fewer people are buying homes. The average interest rate across banks has been raised from 5.82% to 6.08%.

Paying 0.26% more for a mortgage adds about $16 per month for every $100,000 of your loan ($588.03 vs $604.70 per month on a $100,000 loan). Over the lifetime of a loan that means you’ll spend more than $6,000 extra.


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