YOU JUST LOST $51,066
If you have tried to purchase a home it will cost you more today over last week’s costs. Interest rates on home loans rose one-half of a percent this week. What does that mean to you if you are an average home buyer?
It means if you are a first time buyer you just lost $51,066 over the life of your $500,000 loan that was a 30 year fixed-rated loan at 4%, vs. that same loan you could have locked in last week at 3,5%!
Do you think loan rates are going back down? Indicators point to that scenario is not in the future. There are a number of factors here and they do not point to the softening of interest rates any time soon.
Now is the time for you to make your move and buy your home. Don’t get priced out of the market with procrastination. Do it now…call/text/email me.
Example:
- Purchase Price: $625,000
- Down: $125,000
- Loan: $500,000
- @3.5%: $2245.20
- @4.0%: $2387.05
- Difference in payments: $141.85/mo. – $1,702.20/yr – $51,066 over 30 years.
$141.85 will buy your 1.5128 Latte at Starbucks every week for the rest of the year! $1,702.20 will get you great box seats at AT&T Park to watch the World Champion San Francisco Giants including hot-dogs, garlic fries, beers, soda, candy, cracker jacks for 5.674 games for a family of 4!
This rate increase was a real fence shaker. And will cause home buyers to decide to buy or return to the side lines and lose time and money. Don’t do it. Call/Text/Email your agent and buy a home NOW. You will be glad you did come next April.