Over the last few months mortgage rates have been at a record lows. The rate at which your obtain your mortgage can affect your monthly payment drastically, which is why now is a much more affordable time compared to what is typical.
Taking the average home price in the Greater Rochester Area into account, which is relatively low on average and steady, now could be the time to look into buying a home.
In 2003, a 30 year mortgage rate was at 5.88% and today they average 4%. So what does that mean?
It means that if you purchased home for $250,000 8 years ago, your monthly payment with a 30 year mortgage is $1,478 84. For the same price today also with a 30 year mortgage, your monthly payment is $1,193.15. That’s a substantial difference of $285.30 less a month!
Contact a mortgage professional today to get pre-qualified and explore your financing options.