How Buyers are Saving Money without the Tax Credit
Did you or someone you know miss the tax $8,000 tax credit? If so, it might feel like you made a mistake, but consider this…
Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.
At April’s average rate of 5.34%, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.
The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625% in May and paid $1,439.59 per month.That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit!
If you or someone you know has any questions about buying or selling a home, please feel free to contact us at teamannett@gmail.com or 513-527-3060.
