2 Interest rates and mortgage payments For a $150,000 30-year mortgage: actual rate monthly date on 30-year annual payment payment mortgage Dec 2000 7.65% $1064 $12,771 Dec 2001 6.84% $981 $11,782 CHAPTER 1 The Science of Macroeconomics slide 11 CHAPTER 1 The Science of Macroeconomics slide 11 Interest rates and mortgage payments For a $150,000 30-year mortgage: Dec 2001 6.84% $981 $11,782 Dec 2000 7.65% $1064 $12,771 annual payment monthly payment actual rate on 30-year mortgage date 2