Leaves are not the only thing falling this October. Interest rates continue to slide downward. The low mortgage rates equal a great time to buy a Charleston WV home. According to a recent Freddie Mac Primary Mortgage Survey, a 30 year fixed rate mortgage is 3.94%, while a 15 year mortgage is 3.26%.
What does this mean for someone looking to buy a home in the Charleston WV area? You could save enough money to pay for a nice college for the children, or stash away a good amount for retirement.
According to a recent market report from the Kanawha Valley Board of Realtors, the average price for a home in Charleston, WV is $144,200.
If you were to purchase this home 3 or 4 years ago when the mortgage rates were 3% higher, the monthly payment would be $1237.19 for principal and interest on a 15 year mortgage.
Today, this same Charleston, WV home would cost $1013.95 for the same 15 years. A monthly difference of $223.24. Over the life of the loan, the savings would total $40,183.20! If you opted for a 30 year mortgage, you would have paid $97,340.40 less at the end of the repayment term.
If you are position to buy and looking for a home in the Charleston, WV area, allow me to assist you in your home search. Call/Text 304-741-4705.
*Rates are based upon credit score and other contributing factors. Your rate may vary. Please speak with a professional mortgage advisor to learn more.
Dale Samples is a REALTOR serving the Charleston, Teays Valley, Cross Lanes, West Virginia market. If you are looking to buy or sell a home, contact me today!
You can call/text (304) 741-4705.
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