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Welcome back to our extensive archive here at Newton Federal.
It is our goal to keep you informed as you go about the process of homeownership. Today, we’ll be reviewing 30 Year Fixed-Rate Mortgages, and how they’ve changed over the past decade. First, what is a fixed rate mortgage?
It’s just as its name implies. Whereas some mortgages are subject to fluctuation over their lifetime, these are a bit more set in stone. The rate you’re locked in at will stay the same for its entire duration, minus any refinancing efforts. Keep in mind though, that should you attempt to refinance a fixed-rate mortgage, you will in effect be compromising the initial agreement. Be prepared for further charges.
Better Rates Now than Back Then?
Given all of the rhetoric surrounding the current state of mortgages rates, one may think we’re experiencing historical highs. This is no doubt compacted by the vast number of disparities and disasters that have plagued us since the dawn of this decade. Between the pandemic, prices rising across the board, and more, all signs seem to point towards a rough period.
However, when comparing the current rates to that of the past ten years, nothing could be further from the truth. Out of the entire 2010’s, only two years found themselves with a lower annual average than the current one in 2022 (3.79). That honor goes to years 2012 and 2016, which found themselves at 3.65 and 3.66, respectively.
Banking with Newton Federal
Have more banking related questions or needs? You’ve come to the right place. Newton Federal is your one stop shop for all business, personal, and loan based inquiries. Simply head over to our contact page and schedule a consultation with one of our knowledgeable team members today. We look forward to hearing from you.
