Mortgage Interest Rates Have Never Been Lower -- Get Out Your Calculator!


Mortgage Interest Rates Have Never Been Lower -- Get Out Your Calculator!
By Scott Rogers • June 25, 2010
I had heard from several of my clients this week that interest rates were VERY low --- but I didn't know they were the lowest EVER! Current rates are the lowest on record, according to BankRate.com and others. Of note, I two of my clients locked in this week at 4.375% and 4.5% --- wow! How do these incredibly low interest rates affect you? If you have an interest rate above 5.5%, it might be worthwhile considering a refinance. If you are buying anytime in the next six months, now may be a considerably more favorable time to buy rather than later. Let's examine how an increase in rates (as compared to a current 4.5% rate) would affect a monthly payment. Put another way --- if you were buying a new townhome this week, could it be helpful to have an extra $1,600 in your pocket? Or an extra $2,700 in your pocket? Buying now, with low rates, can save you that much (annually) as compared to your costs if rates start to increase. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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