Watch the interest rates this week

As the stock market continues to tumble, watch the real estate mortgage interest rates this week. Last week one local lender was quoting 5.75% on a 30 year fixed rate mortgage based on certain conditions including the credit score at a particular level. As interest rates drops, buyers will be able to afford more home or get a lower payment on the price range home they are currently looking for. Call your local lender for more details. The interest rates can be different at each lender. Be sure to get a Good Faith Estimate detailing the lender's closing costs.