Today’s mortgage rates are quite impressive! Which makes me want to get the word out that now is a great time to buy! I’ve asked one of my trusted mortgage consultants to put together an example of what this means to home buyers.
Attached you will find an illustration that shows the difference between yesterday’s rate of 4.5% and 6% on a house purchase price of $250,000.00. This illustration shows that at a rate of 4.5% estimated payments would be $1593.00 per month, where at 6% payments would be $1822.00 per month. Thats a difference of $229.00 per month!
Additionally, there is an example of a 3rd column that shows you’d have to bring the purchase price down to $214,000 at 6% to get the same payment that you’d get for a $250,000 home at yesterday’s rate. Yes, the buyer loses $36,000 in purchasing power by waiting for rates to go back to a low/normal range.
Summer is a great time to buy, and with mortgage rates where they are now, it makes it even a better time to buy. Please don’t hesitate to contact me if you would like to discuss your next home purchase.
Thanks to Christine Jensen with Cherry Creek Mortgage for providing these examples! She can be contacted at
303-456-4403 or http://www.ChristineJensen.biz for your mortgage needs.
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