ShareThisHave You Heard Interest Rates as Low as 3.5%!
I thought interest rates would be around 5% towards the end of 2011 and heading towards 6%. I am glad to see I was wrong. Because of the lack luster growth with the economy, and low consumer confidence, interest rates have been kept low.This is a good thing for potential buyers. Would you rather finance $200,000 at a 5% interest rate or 3.5%? The difference is $169.41 in mortgage payments each month. Did you know that the lower your interest rate the more buying power you have. This can help you purchase in the neighborhood you desire.
In my 15 years of being a real estate professional I’ve notice that some buyers want to purchase a home in neighborhoods that are out of their financial comfort zone or buying power. Now is a good time to take advantage of the lower interest rates. This is one way to increase your buying power!
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