Mortgage Rates Down-Great Time to Buy!

Posted by Concierge on Thursday, February 6th, 2014 at 1:29pm.

Mortgage rates have been slowly going down the last five weeks.  This week 30-year fixed-rate mortgage averaged 4.23 percent and 15-year fixed rate mortgage averaged 3.33 percent.  Looking back one year ago the rates were 3.53 and 2.77 percent respectively.   To put this into perspective in October 1981, the 30 year FRM was 18.45% .  For example buying a $500,000 home in the current market would cost $883,385 total, but if the rates were to return to the high rates of the 80's the total cost on a $500,000 home would be $2,778,938.  This is great news for first time buyers as they look to quickly pay off their loan and retain value.  Our specialists can help you find the perfect urban condo.

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