Mortgage Rates have been relatively low over the last month. This week, they are in the news by falling to a new all time historical low. The 30 year rate fell from 4.75 to 4.69 this week. Jun 24, 2010
30-fixed 4.69 15-fixed 4.13 5 ARM 3.84 1 ARM 3.77
Jun 17, 2010
30-fixed 4.75 15-fixed 4.20 5 ARM 3.89 1 ARM 3.82
Jun 10, 2010
30-fixed 4.72 15-fixed 4.17 5 ARM 3.92 1 ARM 3.91
Jun 03, 2010
30-fixed 4.79 15-fixed 4.20 5 ARM 3.94 1 ARM 3.95
May 13, 2010
30-fixed 4.93 15-fixed 4.30 5 ARM 3.95 1 ARM 4.02
So in addition to looking at mortgage rates it's also helpful to look at mortgage payments. We took today's rates and translated them into a mortgage payment for a 200k loan. We also did the same things with rates from May 13th.
5-year ARM $936.47
1-year ARM $928.5
5-year ARM $949.07
1-year ARM $957.13
So although rates were already pretty low on May 13th today a payment on a 200k loan is about $30 less a month for a drop of a little less than 3 percent. If you have been thinking about buying a place in Myrtle Beach, and no one has told you yet......Now is the time to buy. Buy when they are selling and sell when they are buying! That is when the big money is made! Interest rates are low, great deals on foreclosures and bank owned properties, you may even throw in potential rental income. Now is the time to buy.
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