Interest Rates down for 5th straight week and incr
Interest rates are down for a 5th straight week!! This is amazing news considering rates were as high as 5% on a 30 year fixed FHA loan 5 weeks ago. Now, they have dropped to around 4.25%, give or take 1/8%.
Here is the graph and explanation from MortgageMatch.com:
As I have explained before, the determination of a 'great deal' on a home purchase, for those taking out a mortgage, is equally determined by both purchase price AND interest rate.
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 are 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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