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Mortgage Rates Go Up - Basic Math for Home Buyers

January 22nd, 2009 · 1 Comment

Basic Math for Home Buyers Who Finance

January 22, 2009

This post is going to be short to assure that the message is as clear as can be.

Monthly Payment for a $200,000 mortgage at 5.14% = $1,090.82

Monthly Payment for a $200,000 mortgage at 5.44% = $1,128.06

Monthly Payment for a $200,000 mortgage at 6.00% = $1,199.10

Monthly Payment for a $200,000 mortgage at 6.5% = $1,264.14

Rates were at 5.14% on Monday and 5.44% at the end of business today.

Buyers of Daytona Beach, Port Orange and Ormond Beach Condos and Homes and buyers around the nation need to be aware of these numbers. Buying a $200,000 home now will cost you less than a $180,000 home if rates rise back up to where they were in 2008. That’s like 10% price protection.

If you’re planning to buy a home and finance, now is the time to start looking. If rates rise further, you’ll be happy you did. If they fall again, you will be in a position to take advantage of that situation as well.

Give Daytona Beach real estate agent a call  at 386-566-7503 to start the process now or to pick it up again in the Daytona Beach area.

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1 response so far ↓

  • 1 Mortgage Rates Climb .25% in Past Week - What to Do // Dec 29, 2009 at 5:38 pm

    [...] If you are in the market to purchase Daytona Beach or Ormond Beach real estate, and you will be financing your purchase, it will be important for you to track mortgage rates. To fully understand the impact of changes in mortgage rates refer to our article Basic Math for Home Buyers Who Finance. [...]

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