>> News - May 2012
  • Interest Rates Change Everything
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  • Bidding wars, pre-inspections; Really???
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  • Brett's overly simple Penne Pasta ... Eat
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  • Merger: Columbia Real Estate and RBI
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  • Homeowners unwittingly become landlords
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  • Spring has sprung and Street Fairs are in Bloom
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      Historically Low interest rates can save you a ton of money.

    Suppose you purchased a home in April of 2008 with a 500,000 mortgage.  Your interest rate on that home would have been about 5.92% and your monthly payment would have been $2,972.08

    housing interest Today that same house would be on the market for at least 20% less or 400,000 and with today’s all time low interest rates of about 3.91%, your monthly payment would be $1,888.97.  That is an overall saving of $12,997.32 per year.   You may be thinking; “bummer for those of us who purchased in 2008, well yes and no.  Remember that 2008 mortgage of $2,972.08 at 5.92%?  If you were to refinance with today’s rate,  your payment would be $2,361.21 or a saving of $7,330.44 per year.

    Unfortunately, the banks are not so kind to us these days.  Many of us who bought in 2008 cannot refinance because the value of our home is low and we no longer have the 20% equity we had when we bought.  Well, if you do have some equity in your home, you may be able to sell your house and buy an equal or better house for the same price and save almost $13,000 per year.  Want to find out more?  Contact me for a no obligation market analysis to help determine how much equity you may have.

    That’s the beauty of buying in today’s market.

    mortgage interest rate history

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