Simply stated, mortgage rates are at rock bottom and won’t stay there forever!
The national average on a 30-year fixed mortgage dropped to 4.17 percent in November – that’s lower than it’s been in the past half century. Once rates start going up again, they can go up fast and create a major impact on monthly finances. Take this for example. On a $180,000 loan, the monthly principal and interest payment at 4.36% is $897/mo. When rates reach 6%, that payment increases to $1,080. That may not sound like much of a difference, but on a 30 year loan it adds up to $65,545 in additional interest paid!
Brett Arends with the Wall Street Journal says “If inflation picks up, you won’t see these mortgage rates again in your lifetime.” Um… he didn’t say a few years, he said your lifetime. You really don’t want to be the one looking in the rear view mirror and wishing you had taken advantage of this opportunity. Call me today to discuss how easy it is to get pre-approved on a loan within 24 hours. We can find that home before rates inch up any higher and save you thousands of dollars!
More next week! If you want a copy of the eBook, contact me and I will send it your way!
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