Mortgage Rates At 2 Year Low
Are you taking advantage of the lowest interest rates in two years? Homeowners have a few exciting options right now.
- Compare your current loan with today's low interest rates. If you are happy, do nothing. But be informed.
- Compare your current loan with today's low interest rates and refinance to lower your rate and thereby lowering your payment.
- If you are comfortable with your current payment, sit down with an expert in the Tallahassee Real Estate Market and determine how much home your current payment can buy with today's interest rates.
Regardless of the choice that you make, I would encourage you to be informed. Historically, interest rates are in the 8 to 9% range on a 30-year fixed rate mortgage. Right now, they are below 6%. You might be able to save hundreds of dollars a year (or more), according to Freddie Mac's January 10, 2008 Primary Mortgage Market Survey. It shows that the average principal and interest payment on a $250,000 loan has dropped by $131.83 per month since August 3, 2007! One look at the Graph of Interest Rates says it all!
Joe Manausa is the Broker and Co-Owner of Century 21 First Realty. He can be reached by clicking on the comments button below, via e-mail through his company website at http://www.manausa.com/, or by calling (850) 386-2001.