2% IN PICTURES
It's hard to fathom what a percentage point or two can do. I made a chart below to demonstrate the money saved over the course of a year, based on three different interest rates. And because not everybody's into charts, included are pictures to show what you could do with that saved money yearly, every 10 years, and then over the course of a 30 year mortgage. Quite a jaw dropper!! It's likely that unusually low commodity prices ( you can get gas here in Marietta for $1.60.) are holding rates down. But we can't expect it to last forever.
The money you'll save locking into current interest rates.
1 year of savings: Take a load off. 2 flights and 5 night's vacation in the British Virgin Islands.
10 years of savings: Help a kid out (If you have one. If you don't just go to the BVI every year.) and foot the bill for college tuition. No, it's not nearly as fun as the British Virgin Islands, but it sure is nice!
30 years of savings: Buy yourself a quite place out in the woods.