FHA rates have just gone down to 3.75%! This is the lowest in history and if you are sitting on the fence certainly now is the time to buy.
It is also a good time to put your home up for sale as there will be more buyers looking and buyers can buy more home for their money!
It is areally good time for people to buy and a really good time to get homes sold! Contact us today if you are thinking of buying or selling!
Check out the savings:
Currently you can get a fixed rate at a 30 year term for 3.75%!
For a $200,000 mortgage that’s only $927/month!
Look at what happens when rates go up just 1% or 2%
An interest rate of 4.75% your principal and interest payment will be $1044/month.
An interest rate of 5.75% your principal and interest payment will be $1168/month.
Based on a mortgage amount of $200,000, a 1% jump in interest will cost you over $14,000 over a 10 year period.
Based on a mortgage amount of $200,000, a 2% jump in interest will cost you well over $28,000 over a 10 year period.
Now is the time!
If you or someone you know has questions about their mortgage or are thinking of buying or selling, Contact us to start saving today!