According to Freddie Mac, 30 year fixed rates are averaging 4.10%. Which means they are remaining near their 60 year lows.
This time last year, rates averaged 4.23%. Obviously not a lot different than 4.10%, but if you use a mortgage calculator you find that it means a difference of close to $20 per month on your payment for a $250,000 house. What could you do with that $20 a month?
As Thanksgiving approaches, maybe we should all be thankful for such low rates. In some areas of the country the low rates are what's keeping the market alive. Plus, buyers who are ready to buy now should maybe be thankful they weren't buying 10 years ago when rates were approximately 7%! What a difference in your payment that could add up to be! That big of a difference in interest rates ends up being $400-$500 per month. Now that is something to be thankful for!
-Written by Maggie Claprood-
[Source: Freddie Mac]