While mortgage interest rates are now hovering around 6.19 percent for a 30-year fixed loan, according to Freddie Mac, many homeowners across the United States are still locked into their homes because they fear that even these lower rates will still cause their monthly payments to rise drastically.
A Dec. 9 report from Realtor.com indicates the average mortgage holder is paying about $1,300 per month in principal and interest charges. However, if they were to sell that home and purchase another, the monthly payment could skyrocket by more than 73 percent, or $1,000.
