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Take a look at the home loan mortgage rate data below and explain the implications for home-buyers. 2021 Data: 2.96% - 30 Year Fixed Rate;

Take a look at the home loan mortgage rate data below and explain the implications for home-buyers. 2021 Data: 2.96% - 30 Year Fixed Rate; Loan Amount $400K; Total Cost of Loan: $604,180; Total Interest Paid: $204,181 2023 Data: 7.70% - 30 Year Fixed Rate; Loan Amount $400K; Total Cost of Loan: $1,027,529; Total Interest Paid: $627,530

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