The Fed Has Lowered House Prices By Over $20,000!

By
Real Estate Mortgage Broker with America's Mortgage LLC

I have said for 11 years that the interest rate is more important than the price of a home when it comes to calculating the monthly payment of a home. Let me prove it to you-

On November 24th when this HUGE mortgage bond rally started, FHA mortgage rates were at 6%. Today, they are at 5%, a decrease of 1%. Thus, on a $200k loan a buyer's monthly payment just dropped $127!

This is equal to a price drop of $21,182 in the last 22 days! This is GREAT news for your sellers and your buyers. Get the word out!!!!!!!!!!!!!!!!!

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Topic:
ActiveRain Community
Location:
Colorado

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Rainer
72,663
Marian Gregor-Ann
Arbor area Real Estate
Keller Williams

Hi Lonnie, I love it! This interest rate reduction can help so many people.It makes so much sense to buy now, if someone has a secure job. As Warren Buffet says buy when others are not.

December 16, 2008 11:03 PM
Rainmaker
390,087
Richard T. Dolbeare
R(B), ABR, CRS...Hawaii Multi-Island Specialist
Keller Williams Realty

It's true and I certainly stress that with clients in these times of declining rates.

December 17, 2008 01:01 AM
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Rainer
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Lonnie Glessner

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