Actually, that’s an understatement. Take a quick look at this graph and you’ll get the idea.
The average rate across the nation for a 30 year fixed rate mortgage is just 3.65%. That makes for a $643 monthly loan payment on the median average house in central Indiana (assuming a 5% cash down payment). Ten years ago the rate was 3% higher and the payment on the same priced house would’ve been $902. Now that’s a huge savings!
Today’s low rates help both buyers and sellers. Buyers can purchase more house at a low monthly cost, and that allows more sellers to sell their properties.
If you’d like a hand understanding how you can take advantage of today’s low mortgage rates— call me.
“I work harder to make good things happen!!”
-Bob
