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Twin Cities Interest Rates Drop to Multi-Year Low

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.

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TwinCitiesRealEstateBlog.com is not a Multiple Listing Service MLS, nor does it offer MLS access.
This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.