Interest rates have declined for the 4th straight
Interest rates have dropped again for the fourth straight week, to it's lowest levels since early December 2010!! Rates for 30 year FHA loans are currently between 4.25% and 4.375%. This is great news for anyone seriously considering purchasing a home with a mortgage in the very near futrure. These rates are not expected to stay this low much longer and most of us local real estate professionals are surprised to see the rates this low once again.
Here is a graph and explanation by MortgageMatch.com explaining current interest rate trends:
Remember that for every percentage point (1%) on a mortgage, monthly payments increase $83/month for every hundred thousand dollars that you borrow. So the difference between a 4.25% and a 5.25% interest rate on a $200,000 loan is an additional $167/month, or $2000/year, JUST IN INTEREST!!
The additional $167/month is the same as purchasing a home that is about $25,000 more expensive at current interest rates. In other words, mortgage payments would be about the same for a $225,000 mortgage at 4.25% interest as a $200,000 mortgage at 5.25% interest.
If you ae ready and able to purchase a home, it is highly recommended that you consider moving forward as quickly as you can. Let me know what i can do to be of assistance.
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