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Interest Rates: The Difference A Year Makes

  • April 16th 2009

by Mark Wellborn

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Interest Rates: The Difference A Year Makes: Figure 1

Rates on 30-year fixed-rate mortgages guaranteed by Freddie Mac fell this week to 4.82 percent, staying below 5 percent for those with good credit scores. Just a year ago, the same rate was at 5.88 percent.

To put this one percentage point difference in perspective, we compare the payments on a one-bedroom loft in Capitol Hill on the market for $345,000 at today’s interest rates versus what they would’ve been one year ago.

Monthly payment calculations based on a 15 percent down payment and a 30-year fixed rate mortgage at 5.88%:


  • Loan Amount: $293,250
  • Principal and Interest: $1,735
  • Real Estate Tax: $262
  • Est. Mortgage Insurance: $95
  • Condo Fees: $264
  • Total Monthly Payments: $2,356

Monthly payment calculations based on a 15 percent down payment and a 30-year fixed rate mortgage at 4.82%:


  • Loan Amount: $293,250
  • Principal and Interest: $1,542
  • Real Estate Tax: $262
  • Est. Mortgage Insurance: $95
  • Condo Fees: $264
  • Total Monthly Payments: $2,163

See other articles related to: dclofts

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/interest_rates_the_difference_a_year_makes/809.

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