30yr fixed dropped to 4.875%
The 30 yr fixed rates dropped today to 4.875%
This is based on a 30-45 day lock for a primary or 2nd home.
So what does this really mean for home buyers?
Lets say you are interested in a $375,000 home.
Using a simple mortgage calculator $375,000 with zero down (unrealistic) for 30 years at 5.5% gives you a payment of $2129.21 a month. If we drop the rate to 4.875% it brings the monthly payment down to $1984.53 a month, saving you $144.68 monthly, $1736.16 a year or $52,084.80 over the life of the loan.
Realistically, lenders are looking for anywhere between 10% and 20% down on most home loans.
If you are looking for a Mortgage Calculator try out the one on our sister site Delaware Waterfront Homes
Simply enter the the MLS # you are interested in and play around with different rates and down payment amounts.
Delaware has a 3% transfer tax on property purchases. Typically the buyer pays half while the seller picks up the tab for other half.
(**condos with less than 25% down will be higher)
Post on March 19 2009.
If today is not March 19 2009 these rates may no longer apply.
No Comments
RSS feed for comments on this post.
Sorry, the comment form is closed at this time.