Mortgage
rates tumbled in March, “the biggest one-week fall in a decade. Now – instead
of seeing mortgage rates edge closer to 5.25%, as some had predicted- we’re
looking at an average 30-year rate near 4.00%.”
Most forecasters were not expecting this to happen.
In mid-November
average 30-year mortgage rate was 5.1%, a seven year high, according to
Bankrate.com. As of April 9, the
average mortgage rate was 4.125%.
For anyone
looking to finance a home purchase or refinance, this may be an opportune time
to take action. This kind of a spread is
real dollars in your pocket. A $400,000 30-year fixed loan will have a monthly
savings on the mortgage payment of $239 ($2,868) for the year with a current rate
of 4.1% versus 5.1% last year.
A lower monthly payment can perhaps allow you to buy a
slightly higher priced home today versus last year. The lower interest rate savings is over
$100,000 for the 30 years of the loan, since the lower fixed rate is locked-in.
The spring selling season is upon us. Inventory is low, that means lots of
competition for homes, higher prices and possible bidding wars. Act now, invest the time and effort, get your
pre-approval, and call us. We know this
market, we know the inventory and we understand how to find the right home for
you. We can get you to your goal faster!
Call us at 631
765 5333 or visit our office at the corner of Horton’s Lane and Main Road in Southold. At Beninati
Associates, we truly listen, we really care and we always get results!
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