22 Jul Local Real Estate Data & Today’s Historically Low Interest Rate
I hope all of you have continued to stay safe during these unprecedented times. I want all of you to know that I am continuing to practice real estate safety guidelines by use of face masks, sanitizer, and social distancing. While COVID-19 continues to spike in an upward trajectory, mortgage rates are headed in the opposite direction. We are now witnessing historically low interest rates. As of today (07/21/2020), many lenders are reporting 30 year fixed rate conventional mortgage loans south of 3%!
Not a finance guru? That’s okay! The charts below provide an example of just how much every 0.5% of a point affects your payment on a $100,000 loan. Note, this amount not factor in taxes and insurance. Additionally, the increments will be even greater on amounts over that of $100,000.
You may be wondering why I am such a proponent of numbers and data. The simple answer is that numbers and data are objective facts. The influence of a realtor is often subjective. I do my best to present unbiased information, whether good or bad, in hopes of earning your business and trust long term.