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:
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:
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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Brian, the money savings is significant!
Not much more bullet to shoot there! I think the Fed may be out of answers.
Should I wait for .1%?
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???
Who would ever imagine we would see interest rates as low as this? The re-fi market must be hot hot hot right now.