Thursday, February 13, 2020

Interest Rates are at a 3 Year Low and what a Difference it Makes!

*Based on a  30 year fixed rate mortgage on a home bought for $340,520. with 20% down. Today's rate reflects 3.375% APR 3.4522%. Payments reflect principle and interest monthly payments. Property tax and homeowners insurance vary and are not included in the illustration. Rates subject to change without notice. This does not guarantee mortgage approval.

Interest rates on a 30 year fixed rate mortgage have dropped to the lowest they have been for three years. This is prompting savvy home buyers to act now to purchase, knowing that if they wait, rates could rise. That rise could be costly - to the tune of over $1,800 every year that could be kept in home owners pockets. 

Let's run the numbers! Let's say you purchase a $340,520. home at today's interest rate with 20% down. Your monthly principle and interest payment will be $1,204. If you wait while rates increase 1% and purchase that same house at the exact same price, your monthly principle and interest payments will cost you close to $2K more a year.

The combination of very low mortgage rates, a strong economy and more positive financial market sentiment make now a great time to buy a home. 

Curious about financing? Click here for a leading local lender

Mortgage information provided by Delaware Valley Financial Mortgage, LLC NMLS#131869 402 Bayard Rd. Suite 100, Kennett Sq, PA 19348    610.932.5444
“As information must be tailored to the specific circumstances of each consumer, and the mortgage industry is constantly changing, nothing provided herein should be used as a substitute for the advice of a professional loan officer or legal counsel. Delaware Valley Financial Mortgage is licensed by the PA Department of Banking and an Equal Housing Lender.” Rates are based off of a 760-credit score and 20% down.

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