Real Estate Mortgage Rates Drop 62%
January 29th, 2009 categories: West Chester Ohio
According to the Cincinnati Area Board of Realtors, mortgage rates have dropped 62%….since 1981.
Before you snicker, we were one of the lucky ones in 1981 (with rates over 16%) who obtained special financing from a builder- a 14% -3 year arm. The 2% saving was enough for us to move forward with building a home.
Borrow $150,000 in 1981 and your payment was $1171.31. Borrow $150,000 today and your payment is $814.42.
Many buyers are waiting for the bottom and risk missing out on low affordable interest rates.
Bottom line, if you qualify for a mortgage, this may be the time to start looking for a home or condo. Not sure whether you are qualified -contact a reputable loan officer through your agent, bank or credit union. If you have any questions- call or email.
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