Wednesday, December 10, 2008
MORTGAGE RATES STILL FALLING
In an effort to boost the economy and consumer confidence, many lenders have once again dropped interest rates. What does this mean. Well, I am looking at one rate that is 4.9% on a 5 yr fixed. Last month we were seeing rates around 5.9% which would be a difference of approx at least $50.00/mth in savings and over approx $4500.00 in interest savings on a 5 yr term for every 100,000 in mortgage dollars. Think of what you can do with that savings. Or if you were holding off, waiting to see what the markets were going to do, you are in luck. Prices are down, inventory remains high, and now interest rates are LOW. What better time to buy than in a buyers market with low interest rates!