Pinch me: Rates fall for 7th straight week
I still can't believe it but interest rates have fallen, again, for the 7th straight week, to year-to-date lows!!
Here is the graph from MortgageMatch.com showing national interest rate trends:
Right now, on 30 year fixed rate mortgages, both FHA and RUral Development loans are at 4.25% and could even be slightly under that; and conventional loans are around 4.5%.
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 would like buy, you can afford to buy and you find a home that you love for the right price, there is no better time than now with these interest rates. Let me know what I can do to help!
Here is the artcile from MortgageMatch.com explaining current national interest rate trends:
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