30-Year Interest Rates Hit Bottom
Nicci Brown from Edina Realty Mortgage was quoting 30-year fixed rates of 5.25% – 5.5% this weekend and with today’s market activity rates are likely to fall even further. This is down SUBSTANTIALLY in just the last couple months… for much of the summer we were in the 6% – 6.25% range. A .75% reduction in rate on a $200,000 loan equates out to a savings of $1500 the first year, or $125 per month. To put it another way, that $125/mo. less in interest charges equals out to about $21,000 more in buying power!
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Time December 18, 2008 at 6:11 AM
[...] Thanks for visiting!After Tuesday’s Federal Reserve interest rate cut, mortgage rates dropped more than I thought possible just two weeks ago. I had a buyer lock in a 30 year fixed rate at 4.75%! That is simply [...]