rates going up: Buy now before PRICES go DOWN, huh?
- 10/28/09 03:42 AM
What does this mean? Well it means that if your waiting for prices to go down 10% or so before you buy, you should consider that when that happens the interest rates may be more than today's interst rates. For example: If you buy a $300,000 home and wait til it goes for $270,000 (10% savings) and the interest rate jumps to 6.99% which is quite possible, you'll be paying approx. $516,600 over 30 years based on 20% down. If you buy that home NOW at $300,000 at 5% interst rate, you'll be paying approx. $463,680 over 30 years based on 20% … (2 comments)
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What does this mean? Well it means that if your waiting for prices to go down 10% or so before you buy, you should consider that when that happens the interest rates may be more than today's interst rates.
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