A couple weeks back we wrote a blog saying now may be the time to buy in order to lock in a low interest rate.  An article on CNN titled “Time to Lock in Your Mortgage Rate” is saying the same thing.  If you are a serious San Clemente buyer, you need to consider that the average price in San Clemente is approximately $900,000 and therefore, a change in interest rates could drastically effect how much you pay per month for your mortage.  Lets assume you put 10% down on a $900,000 Talega home  or another San Clemente property and finance $810,000.  A change in interest rates lets say from 6% to 6.5% would cost you an extra $263 per month or $3160 per year.  A change in rates from 6% to 7% would cost you an extra $532 per month or almost $6400 per year.    While rising rates may prolong the San Clemente market recovery, it could be years before you could refinance or afford the same amount of home and we all know everyone wins in real estate long-term.  For more information on the San Clemente real estate market please explore our website or contact us.

This entry was posted on Monday, August 4th, 2008 at 5:05 pm and is filed under Buyer & Seller Tips, Market News & Analysis, Real Estate, Top 10. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.