Data: Redfin and U.S. Census. Note: Home cost is based on median July 2024 sale price, insurance rates as of 2024, and tax rates as of 2022. Chart: Erin Davis/Axios Visuals
You can probably see why many Salt Lake City homeowners who secured those low interest rates during the pandemic are reluctant to sell their homes.
The big picture: A percentage point can translate to thousands of dollars saved or spent on your mortgage.
By the numbers: Homeowners who locked in a 3% interest rate on a $549,000 home with a standard down payment spent an estimated $1,852 on their monthly mortgage.
Homeowners with an 8% interest rate on their mortgage paid about $1,371 more.