Posted on 04/25/2014 9:25:04 AM PDT by Olog-hai
For three decades, the U.S. middle class enjoyed a rare financial advantage over the wealthy: lower mortgage rates.
Now, even that perk is fading away.
Most ordinary homebuyers are paying the same or higher rates than the fortunate few who can afford much more.
Rates for a conventional 30-year fixed mortgage are averaging 4.48 percent, according to Bankrate. For “jumbo” mortgages—those above $417,000 in much of the country—the average is 4.47 percent. …
(Excerpt) Read more at hosted.ap.org ...
Upstate New York, I should have stated.
More than $10K/yr on a $250K house.
Perhaps my math was a little off. More like $675/mo on a $200K house.
Our first house was financed at 14%. Was in it 4 years and sold it and bought another. We got a special loan and financed it at 7.5 and were blissful about it.
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