According to a report from Freddie Mac (Federal Home Loan Mortgage Association), the national average mortgage rates fell this week to a level not seen since 1971, nearly 40 years ago!
The national average 15 year mortgage interest rate is 3.57%.
The national average 30 year mortgage interest rate is 4.17%.
This is such important news for buyers to absorb; the same $250,000 loan at 4.17% interest rate vs. a 6% interest rate of not many years ago, is suddenly more affordable.
Here are the numbers: at 4.17% the monthly payment would be $1218.17.
at 6.00% the monthly payment would be $1,498.88.
That is a savings of $280.71!
How much does that potential home purchase you are mulling over actually COST you today? Low prices, low mortgage interest rates, low COST to the buyer.
If you have been sitting on the fence, trying to make that decision about buying a home, or maybe just refinancing your current mortgage, it's time to check in with your favorite Realtor or mortgage specialist, wouldn't you say?
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