30 year fixed rates on mortgages averaged 3.48%. I researched the highest and lowest rates for 30 year mortgages. In November 2012 the rate hit an all time low of 3.31% and the highest rate was in October 1981 when they hit 18.44%.
So I thought it was a good idea to compare what that would mean in your monthly payment. The median price in Chester county is $325,000. I’ll use property taxes of $5000/year , $1000 year in homeowners insurance and 20% down conventional loan. Here are the monthly payments:
Current Rates: $1664/mo
Lowest Rate: $1640/mo.
Highest Rate: $4511/mo. (So insane!)
Now, what can you get for $325,00 in Chester county? There are 17 homes available priced at $325,000. 5 townhomes and 12 single family homes. Here is where they are located:
I found this cool chart on the 5000 year history of rates.