Mortgage by the numbers
Source: Informa Research Services
Among the headlines of 2011, mortgages were not the most exciting story. Â Nonetheless, mortgage rates hovered around record lows and refinance opportunities flourished. Â Here are mortgages by the numbers for 2011:
81%
Percent of U.S. adults who say that owning a home is part of the American dream (Source: Yahoo! Real Estate study)
$400 billion
The amount of property value lost during the first nine months of 2011 (Source: Freddie Mac)
$1.4 trillion
The total amount lost in overall net worth in the housing market during 2011 (Source: Freddie Mac)
4.19%
Current national average on traditional 30-year fixed rate mortgage, according to Informa Research Services.
4.95%
National average on traditional 30-year fixed rate mortgage one year ago.
$113.34
Difference between monthly mortgage payment for a loan at 4.95% and 4.19% (based on a 30 year fixed rate $250,000 mortgage)
For those homeowners who have a home loan with a higher rate attached to it, now is an excellent time to see if refinancing with current rates can save you money. Â Depending on what the current rate is, consumers can save hundreds of dollars a month and easily thousands over the term of the loan. Â Use online resources to quickly locate the best mortgage rates in your area.
