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Interest Rates and Buying Power

February 22, 2016

As of February 11, 2016 according to FreddieMac.com, the 30 year fixed mortgage interest rate had fallen a bit to 3.65%, which is remarkably low. This represents a huge advantage to buyers who can lock in this rate as, when the rates rise, the cost of borrowing money increases.

The chart below represents the same 30 year fixed rate $300,000 mortgage at 4.0%. 5.5%, and 7.0% interest rates, showing the total payments made over the 360 months. The difference between 4.0% and 7.0% looks like three small percentage points, but over the life of the loan, this equates to over $200,000 more paid in principal and interest and an additional $563.66 per month in the mortgage payment.

Have I got you thinking about the possibilities? This opportune time may pass you by if you don’t take action. Give me a call or text: (206) 730-0962 or send an email to nina.bjornstal@sothebysrealty.com to learn more.

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