Interest Rate this week drop to under 4% for 30 year mortgage
Mortgage interest rates have been low for quite sometime now,
but it has not been this low for a while. This week Freddie Mac have the
30years rate at under 4%..Whoa!!!.. The current rate for 30 years fixed is 3.97% and
for 15years is 3.18%.!!! So what does that mean to you? If you've been thinking
is time to buy, this is the best time to make your move with low interest rate
and many houses in the market you cannot go wrong.
Let's break it down.
For a house of $250,000 ,with interest rate of 3.97% ,FHA
loan - the approximate payment for
principal and interest monthly will be $1,147.60. And if you really want to pay
if off quickly go with 15 year mortgage ,the payment for 15year mortgage loan
will be $1947.41.
Well how much are you paying in rent monthly? In this metro
area the average rent for a two bedroom apartment is $1500.
In Bowie the average rent for detached homes is about
$2500, for townhouses in Bowie is about
$1800.00 .I just rented a condo for a client in Bowie this week for $1750.
In Silver Spring the average detached homes for rent is
about $2400, for townhouses in Silver Spring
the average rent is $1750.
Wondering what $250,000 will
buy
in Bowie? Check out some of these homes.
How about what will $250,000 buy
in
Upper Marlboro? Check these homes for sale in Upper Marlboro
What next? Start your journey to home ownership drop me an
email @ keji@metrohomesrealty.com , or call me @ 301-613-2043,better yet
request more information about other programs available for first time buyer or
move up buyer over here.
Programs!!
Keji Ogunleye , Associate Broker - Licensed in Maryland & Virginia,
Fairfax Realty,Inc
301-613-2043, keji@metrohomesrealty.com,
www.metrohomesrealty.com