Wow! Looking at the weekly rate sheets provided by the various lenders active in our market- what an incredible opportunity for a new purchase or re-financing.
For a 30 year fixed rate mortgage, the published interest rates range from 3.5% to 4% (depending on amount borrowed). For a 15 year fixed mortgage, even lower from 2.625% to 3%.
What does this mean in real dollars? Even a 1% difference provides significant savings (or allows you to buy up).Â
For example: $800,000 loan. Not long ago, an interest rate of 4.875% was the norm (jumbo rate). If you calculate and compare the mortgage payment at the current rate of 3.875%, the same loan will cost $472 LESS each month (a total savings of $5,662 a year). Â
If you have been on the fence regarding a shore purchase…what could be a better incentive?
If you would like a recommendation for a knowledgeable mortgage representative, please let me know.   ann@anndelaney.com
And of course, I appreciate the opportunity to help you with a purchase in Avalon or Stone Harbor.
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Interest Rates
For a 30 year fixed rate mortgage, the published interest rates range from 3.5% to 4% (depending on amount borrowed). For a 15 year fixed mortgage, even lower from 2.625% to 3%.
What does this mean in real dollars? Even a 1% difference provides significant savings (or allows you to buy up).Â
For example: $800,000 loan. Not long ago, an interest rate of 4.875% was the norm (jumbo rate). If you calculate and compare the mortgage payment at the current rate of 3.875%, the same loan will cost $472 LESS each month (a total savings of $5,662 a year). Â
If you have been on the fence regarding a shore purchase…what could be a better incentive?
If you would like a recommendation for a knowledgeable mortgage representative, please let me know.   ann@anndelaney.com
And of course, I appreciate the opportunity to help you with a purchase in Avalon or Stone Harbor.