As home prices rise across the nation, it’s easy to feel discouraged if you’re a potential buyer. But mortgage rates are still near historic lows, which dramatically increases affordability. In fact, statistics show that now is actually a great time to buy.
According to data collected by the Joint Center for Housing Studies at Harvard University and recently reported in their 2015 State of the Nation’s Housing Report, average monthly mortgage payments are among the lowest we’ve seen in 20 years. Monthly payments dropped from $1,245 in 1990, for example, to $808 in 2014.
The yearly changes from 1990 to 2014 are illustrated in the graph below.
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Graph courtesy of Cherry Creek Mortgage Company