30-Year Fixed Rate Mortgage: Now Vs The 80s
Feeling the weight of your 30-Year fixed rate mortgage?
It’s okay, we understand. Finances tend to play a significant role in our day to day stresses. Sometimes, there’s nothing better than having a great dose of perspective to keep a fair eye on things.
Let’s turn our calendars back to the marvelous 80s, a time that seems almost prehistoric compared to our current daily lives. One thing wasn’t so marvelous back then, though, was getting a 30-year fixed rate mortgage. In the 1980 alone, you were looking at an annual average of 13.74%. Compare that to the current rate of 3.79%, and the picture becomes a bit clearer.
The Big Difference Between Rates Then and Now
If you’re like us, then you found that figure from 1980 to be a bit daunting. But believe it or not, this was only the start of the bad news back then. Just one year later, in 1981, the annual average climbed to a crushing 16.63%.
It’s important to note that the figures did become a bit more amicable comparatively as the decade went on. But, they also never made it out of the double digits. By the onset of the 1990’s, you could expect a rate of around 10.32%.
How Affinity Bank Works for You
To give even further perspective, the annual average of today still beats most of those from the 90’s, 00’s, and 10’s. Still, we understand that perspective enhancement doesn’t pay the bills. That’s where we come in.
Affinity Bank is your top resource for all commercial, personal, and banking needs. We don’t just provide a home for your income. We offer many services geared towards easing the common strains of finances. To learn more, schedule a consultation with us today.