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Although the world situation has changed in the past months and there is much apprehension over the economy here at home, there is a bright spot for those wanting to buy a home. Interest rates that were already at 30-year lows, have now fallen to 40-year lows.

For homebuyers, that means three substantial rewards. First, monthly payments on a home mortgage will be lower. Second, buyers will now find they can afford more home for the payments. Finally, because of the first two, buyers who may not have qualified for the home of their choice, may now find they will be accepted.

On a typical 30-year loan for $150,000, the payment three months ago (at 7.5% interest) would have been about $1,048.82. Today at lower rates around 6.5%, that same payment would be only $948.10, a savings of over $100 each month.

Buyers can also afford more home. Buyers who qualified for a payment of $1,048 on a $150,000 mortgage several months back, would now qualify for a mortgage of $165,600, allowing the purchase of a larger home.

Finally, buyers who did not qualify for a $150,000 mortgage last year with a payment of $1,048, would now be qualified at the $948 monthly payment level. What was only a dream last year, could become a reality at today's lower rates.

Lower rates mean greater home buying opportunities. The right time to buy is now!

 

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