March 08 compared to March 09: Mortgage Interest rates are down over 1%, Gas prices are down $1.23 per gallon, and median home prices in the Northeast are down $40,000. What does this mean to a buyer every month??? About 376.00 savings per month , see chart below:
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03-01-08 |
03-01-09 |
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Interest Rate 30 Yr |
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6.13% |
5.00% |
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Median Home prices (North East) |
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$268,000.00 |
$228,000.00 |
-14.93% |
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30 yr mort Principal and Intrest )20%DP) |
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$1,303.41 |
$979.16 |
-24.88% |
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AVG Fuel Cost per month, per capita |
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$111.96 |
$68.38 |
-63.73% |
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Total Per Month 2008 vs 2009 |
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$1,415.37 |
$1,047.54 |
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Saving per month March 2008 vs 2009 |
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$367.83 |
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Breakdown of Fuel Estimates |
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Gas Price per gallon 03-08 vs 03-09 |
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$1.93 |
$3.16 |
($1.23) |
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Anual liters of fuel comsumed |
1635.2 |
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Anual Gallons of fuel consumed |
425.152 |
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$820.54 |
$1,343.48 |
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Gallons Per Month Per Capita |
35.43 |
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Fuel Cost per month per capita |
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$68.38 |
$111.96 |
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Sources |
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Department of Energy Information Administration |
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International Energy agency |
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http://mortgage-x.com/trends.htm |
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NAR |
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This is truly a great opportunity to buy. If you are a first time buyer you will get an 8,000 tax credit next spring that doesn't have to be repaid. There are still many mortgages being written with as low 3.5% down and a 600 fico score. Not to mention, there are more buying options than ever!!!
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