Mortgage Rates Fall in December
CNN Money reports that mortgage rates hit another all time low this past month. Low-interest mortgages will be available at least through mid-2012. Be sure to contact me to day to discuss your goals for home ownership! Now is the time to buy & save on your monthly payments read more below…
In Dec 2011 the average rate on the 30-year fixed mortgage fell to 3.94%, matching the all-time low hit in early October, according to Freddie Mac’s weekly mortgage rate survey. Meanwhile, 15-year fixed-rate loans hit a new record low of 3.21%, surpassing the record set on October 6.
The low rates can translate into big savings for home buyers. Five years ago, a home buyer would have been lucky to land a 5% rate on a 15-year loan. On a $200,000 mortgage, that would have meant the borrower would have paid $1,582 a month. Should a borrower land a 3.2% rate on a $200,000 loan now, the monthly mortgage payment would come to $1,400 — a savings of $182 a month.
Leanne Goff info@leannegoff.com 720-203-6227
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