According to Keeping Current Matters, if you’ve been waiting for a significant dip in mortgage rates to jump into the housing market, now’s the time. Mortgage rates have recently dropped to their lowest point in over a year and a half, providing homebuyers with a great opportunity to secure a better monthly payment.
Even a slight reduction in mortgage rates can make a noticeable difference in your monthly mortgage costs. But this recent drop is anything but small.
The chart below illustrates the difference in monthly payments (principal and interest) on a $400K home loan if you had purchased a home in April, when mortgage rates were at their highest this year, compared to what your payment could be if you buy now. With rates dropping from 7.5% to the low 6s, monthly mortgage payments have decreased by over $370 on a $400K loan—resulting in substantial savings of hundreds of dollars each month.
With this recent rate drop, your home-buying power is stronger than it has been in nearly two years. If you’re ready to explore your options and take advantage of these lower rates, contact a local real estate agent today to discuss your next steps.
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Source: keepingcurrentmatters.com
