That's right folks! Believe it. Mortgage rates dropped last week to 5.25% for a 30-year fixed and 5.125% for a 15 year fixed. Is your heart beating with excitement...mine sure is. This is fabulous news for anyone (yes, I know you're out there) thinking about buying right now.
Let me just illustrate the difference in what a 6.25% interest rate (which you would have gotten ten days ago) and TODAY's interest rate which is 5.25%.
Let's just say you decided to buy this incredibly beautiful new home on Cullum Drive (shameless promotion here) for $329,000 with 10% down. The amount financed would be $296,100:
@ 6.25% your payments would be: $1823/month
@ 5.25% your payments would be: $1635/month
That's almost a $200 difference in your monthly payment. Figure out how much that saves you for one year...for 30 years...
Feel free to call Donna or me and we'll hit the streets looking at the different properties available. We'd love nothing more than to help you find your dream home at your dream mortgage rate.
We can help you get connected to a good lender too. In this day and age we would highly suggest going with a local lender. We're finding it's harder and harder to close loans on properties with out of town lenders or mortgage brokers. We have a great list of lenders in our Insider's Guide-Local Mortgage Help and you can also play with our Mortgage Calculator too.