RE: What is the historical average mortgage interest rate?

I’m trying to figure out whether 6% is considered low or high in general.

alex Silver Asked on March 14, 2021 in Business & Finance.
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The interest rate varies from time to time and place to place. There is no hard and fast rule which depict the average interest rate on mortgage of property. I have therefore no definite answer to this question.

The Prime rate right now is 8% so yes, in my opinion 6% is low. However you want to look at the monthly payment, is it fixed? For how long? When and if it adjusts, what are the caps? Can you refinance before it adjusts with out paying a pre payment penalty? These are sometimes more important questions to ask than “What is the interest rate”? The lowest rate is not always the best mortgage for you and your home.

Star Answered on March 14, 2021.
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