Buyer Tip: Knowing Mortgage Rates

 

Mortgage Rates

 

The median home sales price in Bend has reached $340,000. If you have been considering buying a home and have been pondering whether to buy now, we would like to highlight some facts as to why you should strongly consider taking advantage of the historically low interest rates now. Mortgage rates are equally as important as sales prices in determining home purchasing power. If we take the median home sales price of $340,000 at a rate of 3.75%, your monthly mortgage payment would be around $1,250 per month. This means that over the life of the loan, you would pay around $175,000 in interest. When rates go up 1% or even 2% more, your monthly payment will increase by at least $200-$400 per month, which means that over the life of your loan, you’ll end up paying an additional $75,000 in interest. The bottom line is that we, the Ladd Group, highly encourage you to take advantage of the historical opportunity to capture low interest rates while you can. If you have any questions, please feel free to give us a call at (541) 633-4569.