Interest Rates Fall Again – Good News For Ohio Home Buyers
This week, mortgage rates have dropped to set another record low. For a standard 30-year fixed rate mortgage, the interest rate is now 4.45 percent. The 15-year mortgage dropped to a low 3.87 percent. If you’re in the market for a larger, Jumbo loan, they’ve fallen to 5.14 percent. And 5/1 ARMS are down to 3.64 percent. On average, interest rates have dropped .32 percent since last week.
Mortgage rates have steadily dropped. The last time interest rates were at 6 percent was back in November, 2008 when they were 6.33 percent. If you were to buy a home for $200,000, the monthly mortgage payment would have been $1,241. With today’s rate, it would be $1,007. That’s a huge savings of about $230 a month!
If you’re considering buying a home, now is the best time to buy. Start searching all homes for sale in NE Ohio or contact our RE/MAX Realtors anytime to discuss obtaining a mortgage or how to start the home buying process. 216-323-4620