The big news in real estate are the interest rates available today. Rates are being quoted this week around 4.75% on a 30 year fixed rate mortgage. When you compare that rate to the national average, you’d have to go back more than 30 years to find a comparable rate. Rates on 15 year mortgages are currently around 4.25%, which makes this a great time to look at purchasing a new home.

Compared to a 6% interest rate (which is still historically very low) on a 30 year, $100,000 mortgage, today’s current rate will save you approximately $78.00 per month and tens of thousands of dollars over the life of the loan. You could borrow about $15,000 more dollars at today’s rate and still keep your payment the same compared to the higher rate.

Comparing today’s 15 year mortgage to today’s 30 year rate on a $100,000 loan yields a payment approx. $230 more per month but has 180 fewer payments!!

The payment isn’t the only consideration when purchasing a new home but our budgets do define (along with the lender’s approval) what we find to be a comfortable payment. Our current market gives you the chance to get the most for your money. Call or visit my blog at http://realestatecounselor.com today so we can visit about a possible new home in your future.

Merry Christmas to you and your family, enjoy a great holiday season.