Mortgage rates

Interest rates on home loans have increased 3% in the past year and they are destined to go higher so those considering a new mortgage should act now. On a $200,000 thirty year loan the monthly principal and interest payment has increased from $739 to $1,073. If another 3% the payment will be $1,467 or double what it is today. In 1981the home mortgage rate for a 30 year loan was 18.6%.