Mortgage rates have dropped to their lowest level in over a year and a half. How do these recent drops in mortgage rates, help you as a buyer? Let's take a look at an example.
Back in April of this year. Mortgage rates were at 7.5%. A $300,000 30 year fixed rate loan At seven and a half percent had a payment of $2102.
Mortgage rates have now fallen to 6.15%.
On that same loan from back in April of $300,000. The payment is now $1828. that is $274 savings from what you would have paid back in April.
The recent drop in rates, gives buyers more purchasing power than they've had in almost two years.
This is great news for anyone looking to buy or sell a home in the near future.
Nokomis Housing Price Update - September 2024
