Good news for home buyers and sellers in Wilmette, Glenview and across the country! Interest rates are down and it looks like they'll stay that way for at least a few months, giving buyers another incentive to buy now.
According to the Freddie Mac Primary Mortgage Market Survey for November 12th, 2009, 4.91% is the average fixed interest rate for 30-year conforming mortgages. This time last year, the interest rate was at 6.14%, a difference of 1.23%.
To understand the difference in your wallet that these rates can mean, consider a mortgage of $300,000. At last year's rate, the monthly payment would have been in the neighborhood of $1,825, including both principle and interest. At today's new, lower rates, the monthly payment would be about $1,594 for a monthly savings of $231. For the year, this could mean a homeowner would be able to make two whole payments just from the money saved each month on their mortgage payment.
Current rates aren't expected to rise until the country sees at least three consecutive months of growth in the employment market. This is good news for those thinking of refinancing their home, as it gives you time to look for the best deal and get other options worked out with their lender.
To take advantage of these low interest rates, talk to the Marla Schneider Team about the perfect house for you in Glenview or Wilmette. Take a look at some of the homes on the market today and let Marla guide you in your home search.
Comments(3)