With interest rates at record lows, it’s easy for mortgage holders to think that their interest repayments are relatively.
Compare refinancing rates in your area now. The average 30-year fixed-refinance. At the current average rate, you’ll pay.
The lower the interest rate, the less you will pay for the total loan. The interest is expressed as a percentage rate. You will also see listed an APR (annual percentage rate) which includes the interest rate along with any fees, and in the case of a mortgage, includes points and closing costs.