Mortgage Rates from 1964

mortgage rates 1964

This is based on Reserve Bank data and shows that have never been lower since records began in 1964. This is only to February. The latest drop is not factored in. You can in fact get many mortgages for under 5% now.

And what does this mean for a family with a mortgage. Median house price is $460,000. Say you borrow 80% or $370,000.

A 20 year term mortgage would see the following weekly payments:

  • 10% – $823
  • 9% – $767
  • 8% – $713
  • 7% – $661
  • 6% – $611
  • 5% – $563

So the difference between 5% and 10% for a family with a median mortgage is $260 a week. Massive.

Comments (26)

Login to comment or vote