Mortgage Rates Are Down


Interest rates are down to a record low. It could be decades before we see this again. Buyers, if you’ve been on the fence now could be your best time to purchase a home. Based on a mortgage of $500,000, Your payments at a 3% interest rate would be $2,108.  That same mortgage of $500,000 at a 4% interest rate would be payments of $2,387. That is a difference of $279 per month or a total of $100,440 over the life of your 30 year loan. When you do the math, buying now with these low interest rates makes sense. Lower interest rates will also allow you to buy a much better home and keep your monthly payments the same. 

Sellers, if you’ve been thinking about selling now could be the time. Most buyers don’t shop for a home based on the purchase price They shop based on how much money they will have to spend each month to own the home. Lower interest rates will open you up to a much larger art audience of potential buyers. Thinking about buying or selling your home? Give me a call to help you today, 305-731-0501. 

Gary McAdams, PA
Realtor, Notary Public 
Barbara A. Anderson Realty 
Serving Key West and the Florida Keys

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