Curious to know how many times in the last 50 years that we’ve had mortgage and refinancing rates below 2.5%? The answer. Never! In fact, the table below shows what the annual average Salt Lake refinance rates have been since 1972.
Year
Annual Average
2020
2.94%
2019
3.94%
2018
4.45%
2017
3.99%
2016
3.65%
2015
3.85%
2014
4.17%
2013
3.98%
2012
3.66%
2011
4.45%
2010
4.69%
2009
5.04%
2008
6.03%
2007
6.34%
2006
6.41%
2005
5.87%
2004
5.84%
2003
5.83%
2002
6.54%
2001
6.97%
2000
8.05%
1999
7.44%
1998
6.94%
1997
7.60%
1996
7.81%
1995
7.93%
1994
8.83%
1993
7.31%
1992
9.25%
1991
10.13%
1990
10.32%
1989
10.32%
1988
10.34%
1987
10.21%
1986
10.19%
1985
12.43%
1984
19.88%
1983
13.24%
1982
16.04%
1981
16.63%
1980
13.74%
1979
11.20%
1978
9.64%
1977
8.85%
1976
8.87%
1975
9.05%
1974
9.19%
1973
8.04%
1972
7.38%
The highest year of course being 1984 with a staggering annual average of 19.88%! To put that into perspective, currently, the average cost of a home in Utah is $315,000. If you were to refinance your home with the rate of 1984 versus the mortgage refinance rates of 2020, here is what you’d be paying:
1984
For a $315,000 loan, You’d be paying a staggering mortgage payment of $5,233/mo for 30 years which equates to a mind numbing $1,883,743 for the total cost of the loan.
2020
Now compare that with today’s amazing Salt Lake refinance rates. At the time of this writing, the rate today was 2.49%. For the same loan amount of $315,000 your monthly payment would only be: $1,243/mo. For a total cost of the loan of $447,478
That means compared to the rates of 1984 vs 2020, you’d save, $3,990 per month by refinancing and over the life of the loan you’d save, you ready for it…$1,436,265!
Take advantage of these truly historic and unbelievably low rates to refinance your Salt Lake City home with a local mortgage company.
Graystone Mortgage offers refinancing in Salt Lake City and other home loan services. Visit their website to learn how they can help!