Mortgage Rate Heat Map

Some bullet point comments regarding mortgage rates…

Interest rates have climbed in 2022 at a rapid rate but remain below those of the 1970s, 1980s, 1990s, and early 2000s.

The rise from 3.45% to 5.41% from January to June 2022 is a 1.96% difference. They haven’t risen that much since 1987 when they rose 2.22% (from 9.04% to 11.26%).

That same rise of 1.94% represents a 57% jump. The next highest jump over a 12-month calendar year was 34% in 1980 (from 12.19% to 16.32%).

The annual average mortgage rate is 7.74%. The median is 7.49%.

The lowest rate in the 50+ years was 2.68% in December 2020. The highest rate was 18.45% in October 1981.

The median house price for metro Denver in June 2022 was $666K. Assuming an 80% loan ($532K), the principal and interest on a 30-year mortgage at 5.41% (June 2022) is $2,995. At 2.68% (lowest ever), it’s $2,155. At 7.74% (average), it’s $3,813. At 18.45% (highest ever), it’s $8,226.

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