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IF Mortgage Interest Rates Swooned To 4.5% - Would you BUY or REFI?

By
Real Estate Agent with Better Homes And Gardens Real Estate Gary Greene

What If Mortgage Rates Fell To 4.5% - Would You BUY or REFI?

by KEN BRAND Retaggr Profile Card on DECEMBER 4, 2008

41540-223x300 What If Mortgage Rates Fell To 4.5% - Would You BUY or REFI?Shell shocked, twitchy, gloomy, skittish, troubled, beleaguered, bummed - words among many that describe today’s consumer - you and me.

Real Estate sales have slowed.  Nobody knows what this afternoon’s headline will scream.  So it’s seems best to stop, stoop, rock, wait, twiddle thumbs or wring hands.  It seems logical doesn’t it?

Ahhh…but there’s a distant drum beating.  Bongo Buzz that Uncle Sam will woo mortgage rates to an OMG, Once In Your Lifetime, Operators Are Standing By - Act Now -  4.5% Mortgage Interest Rate.  Huh?  Almost sounds like a cheezy infomercial - too good to be true.  Time will tell - if it happens, what will you do?  Will you BUY or Refinance or Sit Frozen?

Here’s a couple of articles on the matter:

NPR Article 

Market Watch Article

Washington Post Article

What does a Mortgage Interest Rate Rate of 4.5% (30 year term) equal per:

Per $1,000 = $5.7 per month

Per $100,000 = $570 per month

Per $200,000 = $1,140

Per $300,000 = $1,710

Per $400,000 =$2,280

* Keep in mind, you’ll have Property Taxes and Insurance added into your total as well. 

[If your renting, maybe your mortgage payments would be way less, plus you get a tax benefit, plus first time buyers get a Tax Credit]

Stay tuned, I’ll keep you posted.  And just so you know, today’s Mortgage Rates are just a tick above 5% - a fantastic rate by any measure.

Any questions, give me a call:  Ken Brand - 832-797-1779

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