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How much do low rates save you each month?

At the end of last year, rates were poised to rise to over 5%. Now, with impending trade wars and concerns with global growth, rates are at the lowest they have been in 17 months.

The average 30 year fixed rate dropped to 3.82%. Last week, they were at 3.99% and a year ago, they were at 4.54%.

The average 15 year fixed rate also dropped to a low of 3.28%. Last week, they were at 3.46% and a year ago, 3.74%.

How much does that save you each month? Here are a few scenarios at different price points to show you the difference.

30 Year Fixed Loan

Loan Amt3.82%3.99%4.54%5.00%
$250,000$1,168$1,192$1,273$1,342
$300,000$1,401$1,431$1,527$1,610
$350,000$1,635$1,669$1,782$1,879
$400,000$1,868$1,907$2,036$2,147
$450,000$2,102$2,146$2,291$2,416
$500,000$2,335$2,384$2,545$2,684
$600,000$2,803$2,861$3,054$3,221
$750,000$3,503$3,576$3,818$4,026
$1,000,000$4,671$4,768$5,091$5,368

So, for example, if you had a $400,000 loan and last year's average rate of 4.54%, your principle and interest payment (i.e. your mortgage payment) would have been $2,036.26. This week at an average rate of 3.82%, your payment would be $1,868.39. A saving of $167.87 per month.

15 Year Fixed Loan

Loan Amt3.82%3.99%4.54%5.00%6.00%
$250,000$1,827$1,848$1,918$1,977$2,110
$300,000$2,192$2,218$2,301$2,372$2,532
$350,000$2,557$2,587$2,685$2,768$2,954
$400,000$2,923$2,957$3,068$3,163$3,375
$450,000$3,288$3,326$3,452$3,559$3,797
$500,000$3,654$3,696$3,835$3,954$4,219
$600,000$4,384$4,435$4,602$4,745$5,063
$750,000$5,480$5,544$5,753$5,931$6,329
$1,000,000$7,307$7,392$7,670$7,908$8,439
Rick Bosl
Rick Bosl
Rick learned early in his real estate career to pick a niche and become an expert in that area. Condos were a natural choice and he has been helping condo buyers and sellers ever since.

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