Feb 07 2008
What are mortgage rates doing?
What are mortgage rates doing? They are slowly dropping, which is good news for home buyers and sellers.
The recent drop in rates as well as the reduction in asking prices has sparked some home sales activity. These examples are for 30 year fixed rates with 0 points and loans up to $417,000.
In October mortgage rates were around 6.5% and in November we saw a drop in rate to between 6% and 6.25%. December mortgage rates fluctuated up and down a little and were between 5.875% and 6.125%. The first of the year brought another drop in mortgage rates to below 6%. The current rate is around 5.625%. This is good news for all.
The impact this has on your mortgage payment (principal and interest only) is over 10% in savings. $400,000 at 6.5% costs $2,532. (P&I) monthly but with the drop in rates that same $400,000 will cost $2,268. (P&I) a month a savings of $264.00 monthly.
Need a mortgage contact? Call or email me at 877-652-3224 or Dave@SeaIsleSales.com.
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