Money is on sale (again).
30-year mortgage rates now sit at 3.3%.
This is less than half of the long-term, 40-year average.
This is also almost a full percentage point lower than they were one year ago (which was still very low).
Let’s put this in real numbers.
A $300,000 loan at today’s rates has a $1,313 monthly principal and interest payment.
One year ago, that same loan would be $1,432 per month.
That’s a 8.3% difference in monthly payment.
The fact that money is on sale is one of many reasons that the housing market remains very strong right now.
At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously. Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.