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How can you find historical mortgage rates?

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Quick Answer

Historical mortgage rates can be found on financial websites such as Bankrate or Freddie Mac. As of 2014, Bankrate has a graph showing interest rates from 1982 to 2012 on 30-year fixed-rate, 15-year fixed-rate and one-year adjustable-rate mortgages. As of 2014, Freddie Mac has a list of average interest rates on 30-year fixed-rate mortgages from 1971 to 2014.

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Full Answer

Overall, mortgage interest rates have decreased since the early 1980s. Average mortgage interest rates peaked between 1981 and 1982 when rates varied between 14 and 18 percent. In 1984 interest rates were around 13 percent, and they have continued to fall since then. Thirty-year fixed-rate, 15-year fixed-rate and one-year adjustable-rate mortgages have followed the same basic trends over the years.

Mortgage interest rates can have a huge impact on the mortgage payment that a homeowner has to pay each month. For example, the monthly mortgage payments on a $200,000 home with a 30-year fixed-rate mortgage with a 5 percent interest rate is $1,073.64 per month. With an 18 percent interest rate, that same mortgage would have a $3,014.17 monthly mortgage payment.

Homeowners who want to calculate the effect of mortgage interest rates on a home mortgage can use an online mortgage calculator.

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