In early 2021, the average rate for a 30-year fixed rate mortgage was under three percent. According to Freddie Mac, the average rate for the past week was 7.23%. That’s a big enough increase to feel the difference in your monthly payment, but it stings even more when you compound the cost over the length of a mortgage.
Use this chart to see how many times over you’ll pay over the original loan amount, given the annual rate and the number of years of paying.
Source: Data