Lower Interest Rates Mean Higher Gains for Today’s Homebuyer

Carole Smith

 
Oh what a difference a year makes! Last year fall interest rates were vacillating between 4.5 to 4.9%. As I write this, the interest rate is hovering at around 3.5%. What impact does that have on a potential homebuyer?
 
It could mean an incremental purchasing boost of $100,000 or savings of $155,000 over the life of a 30 year $750,000 mortgage.
 
I encourage those who have been thinking of that buying to really consider the benefit at rates are some two percentage points below the historical average, says Robert Frick, corporate economist at Navy Federal Credit Union, so delaying for even lower rates can mean missing an opportunity-in-waiting.
 
 
 
 

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Carole believes that our homes are an important part of our lives, giving us shelter, security, and a means of self-expression. Separate from the constraints of necessity, many homes are a microcosm for the things we hold most dear — family, memories, relaxation and sense of belonging.

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