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Good Times for Homeowners as Record Low Home Mortgage Rates Continue
By: Mark J.
Donovan
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If you have been contemplating purchasing a home or putting
on that Family Room addition, now is the time. Home Mortgage Rates are at
levels not seen for 40+ years. Today 30 year Fixed Rate Home Mortgages are
below 6%. Lower Home mortgage rates translate into more purchasing power for you.
For example, a $200,000 mortgage at 7% costs $1330.60 per month, where as
a $234,500 mortgage at 5.5% costs $1331.47 per month.
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This means you
have $34,500 in more purchasing power for
effectively the same cost. Thus, you
can build the Family Room or Garage you
have been dreaming about at no additional
monthly expense. And knowing homes
traditionally increase in value, you can
be comfortable with your decision, as it
is a long term quality investment.
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How long these current Home
Mortgage Rates will remain is a big
question. However, the Federal Reserve has
been ratcheting up short term interest
rates fairly regularly over the past 6
months. They are doing this because they
believe that the economy is improving and
that inflation may soon rear its head
again. If inflation does indeed kick up,
then both short and long term interest
rates will rise. Interest rate hikes can
jump rather quickly so trying to time when
to get a new mortgage or refinance can be
dangerous. |
To
conclude, Home Mortgage rates have not been this low in 40+ years. If you have been
thinking about refinancing and putting on the addition, now is the time.
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