We have seen mortgage rates that were already at near historic lows edge down even further in recent weeks. Depending on personal situations, prospective home buyers are looking at interest rates for 30-year fixed mortgages in the 4% - 5.5% range. Our mortgage partner, Choice Mortgage (an affiliate of Wells Fargo Home Mortgage), has today's rate displayed online at 4.625% with 1 point.
WOW. WOW. WOW.
Even if rates go up a anywhere from half a point to a point and a half, these are still unbelievable deals!
But really, what does a drop or increase in interest rates mean? How does this affect you? How does this affect your payment on your mortgage should you choose to buy a home this year?