|
The chart below gives you a comparison of current rates,recent
low rates on each term,lowest rates achieved in 40 years and when, together
with rates as they were in 1989 |
|
Term
of Mortgage |
Posted
Institution Rate |
Our
Rate Available |
Recent
Lows |
+
or - from |
Lowest
in 40 Years |
Rates
from |
|
1
Year |
3.70%
|
2.54% |
2.35 (11/30/09) |
+0.19 |
2.35 (11/30/09) |
12.50
|
|
2
Year |
4.05%
|
3.10% |
2.85 (02/08/10) |
+0.25 |
2.85 (02/08/10) |
12.00
|
|
3
Year |
4.60%
|
3.54% |
3.05 (05/11/09) |
+0.49 |
3.05 (05/11/09) |
11.50
|
|
4
Year |
5.64%
|
3.99% |
3.64 (09/23/09) |
+0.35 |
3.64 (09/23/09) |
11.50
|
|
5
Year |
5.99% |
4.09% |
3.79 (02/08/10) |
+0.30 |
3.79 (05/11/09) |
11.50
|
|
5 Year
- No Frills |
N/A
|
3.99% |
3.54 (05/11/09) |
+0.45 |
3.54 (05/11/09) |
|
|
7
Year |
6.95%
|
4.90% |
4.65 (04/01/10) |
+0.25 |
4.65 (04/01/10) |
11.25
|
|
9
Year |
N/A
|
5.33% |
5.22 (04/27/09) |
+0.49 |
4.84 (07/12/05) |
|
|
10 Year
|
7.10%
|
5.20% |
4.99 (04/01/10) |
+0.30 |
4.90 (07/12/05) |
11.50
|
|
15
Year |
N/A
|
9.15% |
5.58 (01/25/06) |
+3.82 |
5.33 (06/08/05) |
|
|
18
Year |
N/A
|
9.15% |
5.65 (01/25/06) |
+3.76 |
5.39 (07/23/05) |
|
|
25
Year |
8.35%
|
9.25% |
5.79 (01/25/06) |
+3.76 |
5.49 (06/08/05) |
|
|
Variable
Rate |
2.50%
|
2.15% |
1.75 (04/01/10) |
+0.35 |
1.75 (04/01/10) |
12.75
|
|
Bank
Prime Rate |
2.75%
|
2.75% |
2.25 (04/27/09) |
+0.50 |
2.25 (04/27/09) |
|
|
STATISTICS |
|
|
Lowest prime rate in last 5 years |
2.25% 6.10%
|
|
Average 5 year posted mortgage rate over the last 5
years |
6.49% 7.07%
|
|
Average monthly rent of a 2 bedroom apartment in Kingston (2007) |
$856
|
|
Maximum mortgage amount using average monthly rent ($856) as monthly mortgage payment |
$167,500
|
|
Approximate qualifying income for $175,000 mortgage |
$42,500
|
|
Approximate qualifying income to purchase a property with a 5% down payment (based on Kingston's 2007 average sale price of $222,346) |
$50,585
|
|
Approximate qualifying Income for $100,000 mortgage in 1989 |
$44,000
|
|
Average
Residential Sale Prices in Kingston 1989
- $122,000 2000
- $116,380 2001
- $118,092 2002
- $130,654 2003
- $141,486 2004
- $159,018 2005
- $196,537 2006
- $212,097 2007
- $222,346 |
|