Mortgage Rates are in the 3's. Prices Are Still Low. What Are You Waiting For?

Mortgage Rates are in the 3's.  Prices Are Still Low.  What Are You Waiting For?

Ever since I became an Realtor® in February 2005, I have enjoyed the "mortgage principal and interest" table on the back of my business card.  It helps me roughly calculate how much principal and interest would be for each thousand spent on a home in a 30 year fixed rate mortgage.  As you can see, when interest rates go down, your purchasing power increases.

At the time that I first had this table put on the back of my cards, the interest rate was 5.5% and it wasn't long before it fell to 5%.  Now, the factor is off the chart.  LITERALLY.

Generally, real estate prices have gone UP as mortgage rates go DOWN.  What is happening in today's market defies logic.  Prices are still down from their highs and mortgage rates are down in the 3's and 4's. 

Seriously.  What are you waiting for? 

With the combination of low interest and low prices, you will NEVER be able to afford more home than you can RIGHT NOW.  Your purchasing power is only going down from here. 

Take a look at the factor chart on the back of my business card to the left.  By the time mortgage interest rates go up, prices increase or, heaven forbid, BOTH, you will be kicking yourself.  Let's get started on your home search today.