30-Year Fixed-Rate Mortgages in 2022 Vs The 2000s
30-Year fixed-rate mortgages are a bit of a marvel in the banking world.
Unlike your average mortgage, these are subject to varying percentages over time. You instead are able to lock in an unchanging rate, which can relieve a lot of stress and complications long term.
That said, there’s been a lot of talk regarding the start of these terms. Given the current sentiment, it would appear that things are skyrocketing. On the contrary, the current average for these rates are in far better shape than those of the past. Read on to learn more.
If you need proof that the current rates are much better now, look no further than the rates of the 2000s. The lowest annual average came at the tail end of the decade, with 2009 claiming 5.04%. It was a sign of the lower rates to come in the 2010s, which, for the record, were also higher by and large than our current average.
Compare that 5.04% figure to what it was at the beginning of the decade. Buyers were faced with a whopping 8.05% annual average. Imagine being locked into a 30-year fixed rate mortgage at such a rate. Thankfully, trends swayed to more reasonable figures over time.
Choosing LeapFrog Mortgage
As our name denotes, we specialize in assisting clients with their mortgage. We offer support for first time homebuyers, as well as for those seeking to refinance. Do note, though, that by refinancing a 30-year fixed rate mortgage, you run the risk of additional fees. That’s because refinancing would in effect be a breach of the original agreement.
Keeping track of all this can feel like a full time job. That’s why LeapFrog Mortgage is here, to help take some of that weight and pressure off of your process. Contact us today to learn more!