Low Mortgage Interest Rates Continue

Since I started selling real estate in 1985, I’ve watched the mortgage interest rates drop from the “mid teens” to the “low 3’s” of today.  Today’s home buying power is incredible, when you combine the low mortgage rates along with the deflated home prices.   NOW is the time to buy before prices and interest rates trend up again.

In the mid 1980’s, with an average interest rate of 12.7%, the principal and interest portion of your monthly payment on a $200,000 mortgage would have been $2,165.60.   With today’s rates of 3.25%, the principal and interest drops to $870.41!    WOW!

It truly is cheaper to own your home than to rent.   If you are financially stable with a good job, it makes  a lot of sense to purchase a home.

Website Pin Facebook Twitter Myspace Friendfeed Technorati del.icio.us Digg Google StumbleUpon Premium Responsive

About Jon Perkins

Jon is the Lead agent for the Perkins Team with RE/MAX Results. Jon has been selling homes accross the Twin Cities since 1985. Jon works with his wife Mary Beth and his team of real estate professionals to provide the highest level of service available in the real estate industry.

%d bloggers like this: