Real Estate Term of the Day: Interest Rate
INTEREST RATE – the percentage of a sum of money charged for its use (Barron’s Dictionary of Real Estate Terms)
Below is a graph that shows the 30-Year Fixed-Rate Mortgages Since 1971 from the Primary Mortgage Market Survey provided by Freddie Mac. The national average interest rate on a 30-year fixed rate mortgage is 8.44% as of February 2015.
Source: Monthly PPMS (Primary Mortage Market Survey) Freddie Mac 30-Year Fixed-Rate Mortgages Since 1971
LESLIE MONACO REAL ESTATE 