Mortgage interest rates have fallen over the past couple of months for home loans. While 30 year fixed rates peaked around the mid 6%’s for Conventional and FHA loans, we have now seen them recede to the low 6%’s. Today a Conventional mortgage interest rate would be 6.125% and a FHA mortgage interest rate would be 6.00%.
What does that mean for you?
It means if you had a $200,000 mortgage on a 30 year fixed, your payment would be approximately $65 a month less today then it would have been a couple of months ago. That’s an annual savings of approximately $800.
It’s a great time to get out there and start looking at home to buy!
Nick Sivertsen, Summit Mortgage nick@nicksivertsen.com
