Interest Rates Have Dropped Dramatically!

Have you been thinking about buying a home recently? Now might be the right time with the falling interest rates this week. The 30 year fixed interest rate for a home mortgage was at 5.75% at a local lender Friday with a small down payment. The fixed interest rates have dropped dramatically this week. The fixed interest rate had been hovering around 6.25% before the drop. What does that mean to you? For example, on a $100,000 loan financed for 30 years at a fixed interest rate of 6.25% including only the principle and interest the payment would be $615.72 a month. At the new fixed rate of 5.75% for 30 years on the same amount the payment would be $583.57 a month. This translates into a savings of $32.15 a month, $385.80 a year, and $11,574 over 30 years. Call your local realtor and lender for more details or email me at todd@toddnelson.com.