Lower Interest Rates- What Does It Mean For My Payment?

Interest rates have gone down!! For conforming money, the rates were 6.375% two weeks ago and they are now around 5.375%. Let's take a look at what that means in terms of your monthly payment

Loan Amount: $250,000 monthly savings: $160

Loan Amount: $400,000 monthly savings: $256

Loan Amount: $600,000 monthly savings: $383

Those savings add up to quite a bit over a 30 year loan. Right now prices are low AND rates are low, there is no better time to purchase a home. Don't rely on online mortgage calculators, call a lender and figure out what your loan options are.