Over the last couple of weeks I’ve been seeing rates on 30-year fixed mortgages fall substantially… I’ve seen some recent quotes for 5.5%!
When you look at a straight affordability perspective, taking 1/2% off the interest rate (which is what has happened in the last few weeks) on a $200,000 loan saves you $1000 per year in interest charges, which would be a monthly savings of $83 or is like taking nearly $14,000 off the purchase price of the house, as compared to the higher interest rate.
With inventory at record highs and affordability at 3 year highs, this is a great time to be a buyer. Below I have listed the loan officers that I recommend if you are looking for information on what you can afford, how mortgages work, or want to get a pre-approval. Please feel free to contact them or myself if there’s anything we can do for you!
Nicci Brown – Edina Realty Mortgage
Cheryl Stuntebeck – Bell Mortgage
No consideration has been received for these recommendations.
