Mortgage Rates See Slight Uptick
Do not let historically low interest rates pass you by
Posted on February 01, 2012 by Matt.
A recent article in Realtor Magazine, "Mortgage Rates Rise After Posting Record Lows," concerns the rise in mortgage interest rates that occurred last week. While the average rate for a 30-year fixed mortgage remained below 4% for the 8th consecutive week (a historic high), the rate did climb from the previous week's average of 3.88% to 3.98%. To put these numbers in perspective, if you purchased a $500,000 home and put 20% down, you would have a loan balance of $400,000. At a 3.88% interest rate, your monthly payment would be about $1882; at a 3.98% interest rate, your monthly payment would be about $1905. This is a difference of $276 per year, and over the life of the 30-year loan, the lower interest rate would save you about $8300.
While the mortgage rates are still historically low (including 15-year fixed rates and adjustable rate mortgages), don't sit on the fence too long before deciding to finance your San Clemente real estate purchase. As you can see, even a tenth of a percentage point can make a sizable difference in your total monies owed over the life of your loan - don't let this incredible opportunity pass you by. If you would like more information about current San Clemente homes or San Clemente condos for sale, please contact us.