Are Interest Rates Going Up Over Time?
Who would’ve expected that interest rates in 2010 are lower than they were in the 1970s. Luckily for today’s economy, this is becoming beneficial for the consumer, businesses, and our overall economy.
![Interest Rates Over Time [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2020/02/20093247/20200221-MEM-1046x837.jpg)
Some Highlights:
- Hovering at near historic lows, now is a great time to see how much they’ve changed over time.
- According to Freddie Mac, mortgage rates are currently hovering near a five-decade low.
- The impact on your monthly mortgage payment is significant. An increase of just $20 dollars in your monthly payment can add up to $240 per year or $7,200 over the life of your loan. Maybe it’s time to lock in now while rates are still low.
During and Post Pandemic Interest Rates
2020 and 2021 could see record low interest rates. As we enter an economic recession, rates will drop. Many car dealerships are offering 0% APR for 6 years in order to move cars off the lot.
Re-finance your home while you still have the opportunity. Home rates are under 3% and present homeowners with a great opportunity to save a little extra money.
