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Interest Rate News on December 7 2023
Dated: December 7 2023
Views: 42
Interest Rate News
We got this from one of our lender friends and are wondering what yiou think. Sure seems like great news to us...
We are all hearing that interest rates have fallen and will continue to go lower as the economy continues to underperform. Lower rates are good news for homebuyers, but please remember that these things don't go in a straight line.
More importantly, what does this mean for them in today's numbers.
I will use a $1,000,000.00 property for my example on a 30-year mortgage with 25% down, where just a month or so ago we were around 8.25%, and today we will be in the mid 6's depending on down payment, points, and credit score on a conventional loan. Here are the full PITI Payments using 1.25% taxes and $4000.00 in insurance below:
8.250% = $7009.50
8.000% = $6878.23
7.500% = $6619.11
7.000% = $6364.77
6.500% = $6115.51
8.250% vs. 6.500% vs. payment using 25% down
600K @ 8.250% = $4255.70 / @ 6.500%= $3719.31
700K @ 8.250% = $4923.32 / @ 6.500%= $4297.52
800K @ 8.250% = $5590.93 / @ 6.500%= $4875.74
900K @ 8.250% = $6308.55 / @ 6.500%= $5503.96
Your purchasing power is now up by 12.75% over where we were just 30-45 days ago!
You can still do a 2/1 buydown and start your rate in the mid 4's year 1! get in now and refinance when rates go lower!
Danny Karie Kourtney Levine
We're the Award Winning Levine Team – Danny, Karie, and Kourtney – your partners in all things real estate. With over 53 combined years of experience, we've woven ourselves into Antelope V....
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