With interest rates falling it is almost like homes are on sale!

Interest rates are very appealing right now and continue to garner attention from prospective home buyers and fellow home owners looking to save money. As the interest rates fall, it is almost like homes are on sale when compared to rates earlier in the year.

For example:

If you had thought about buying a home in the summer priced at $200,000 putting 5 percent down when the interest rates for a 30 year fixed rate mortgage were around 6.25% you could expect a monthly payment with principal and interest based on good credit at $1,169.86 a month.

This week one lender had an interest rate with certain parameters at 4.625% on a 30 year fixed rate mortgage. That same house would have a monthly payment with the new interest rate of $976.87 a month.

That is a savings of $192.99 a month, $2,315.88 a year, and $69,476.40 over the 30 years of the loan!

So if you are considering buying a home, right now it is almost like everything is on sale with the lower interest rates. Call a realtor in your area or if I can be of further assistance, email me at todd@toddnelson.com with your questions.