Interest Rates Dropped to 5.99%... Episode 273

Interest Rates Dropped to 5.99%... ...and rates are now at their lowest point in over 3 years you would have to go back to September of 2022 to find a lower rate and there are now some really, really good things available now for consumers lets examine the math behind a $350,000 home purchase with a 20% down payment to avoid mortgage insurance and using a 30 year fixed rate loan last year the interest rate was about 7% which would have been a principal + interest payment of $1862 using this weeks rate of 5.99% it would now be a principal + interest payment of $1676 that's a difference of $186 per month looking at it a different way the same $1862 payment from last year would mean that a buyer could purchase at $389,000 this year that $39,000 more purchasing power for buyers the stage is being set for an increase in home purchases due to improvements in affordability and purchasing power tune into today's show for all of the nitty, gritty details

Listen