Buy Alexandria Real Estate: Interest Rates Are Low. What Does That Mean? How About $500 a Month!

Alexandria Virginia Real Estate Blog

Interest Rates Are Low. What Does That Mean? How About $500 a Month!

You keep hearing that interest rates are low.  You've been told week after week that interest rates have hit historic lows.  That's great.  Ho Hum.

Here's a chart showing just how low interest rates on 30 year fixed rate mortgages have dropped this year:

Mortgage Rates 2010

That chart is awfully pretty and you can certainly see that the trend has been down down down over the last 5 months.

But... you ask yourself, "What does this really mean?"

Ah, my friends, that's where this next, very important chart comes in:

Prices and Interest Rates

So, here's the great news:  On a loan for $450,000 (about the average in Northern Virginia for a single family home), you're going to save almost $500 per month compared to buying that same priced home in 2003!

What are you waiting for?  Start your search for a Northern Virginia home today!

If you're not in the market to buy, but thinking about refinancing, let me know and I can put you in contact with a great mortgage lender who can help you out.

 

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Comment balloon 4 commentsBrian Block • September 08 2010 01:28PM

Comments

Brian, the money savings is significant!

Posted by Damon Gettier, Broker/Owner ABRM, GRI, CDPE (Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert) almost 8 years ago

Not much more bullet to shoot there!  I think the Fed may be out of answers.

Should I wait for .1%?

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) almost 8 years ago

Brian - what gets me is when someone tells me they can get a great rate on an adjustable loan right now - WHY would you NOT get a FIXED loan with these interest rates???

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) almost 8 years ago

Who would ever imagine we would see interest rates as low as this? The re-fi market must be hot hot hot right now.

Posted by Ellie McIntire, Luxury service in Howard County & Catonsville (Ellicott City Clarksville Howard County Maryland Real Estate) almost 8 years ago

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