Mortgage rates are yo-yoing like the stock market. Some people even got 5.625% early this week. Think it doesn’t matter?
Here is an example take that rate vs a 6.5% rate. It’s roughly $56 per $100k borrowed difference. If you have a $500k mortgage that’ $280 per month every month. It’s like getting a $40,000 price cut on your purchase price. So Mr. Buyer, if you are sitting on the fence waiting for the seller to cave over the last fifteen or twenty thousand and the interest rates pop up a little,….as Warner Wolf says ” you still lose”. You got your concession but still write a bigger check every month.
Check that. With the financial system in turmoil, the banks can use every dime. Please pay more..My 401k feels better already.
Prime Real Estate Group
201-232-4568 cell Email Brian
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Brian Murray is a broker salesperson at Prime Real Estate Group in Hoboken. As a broker, I have advanced training and a deeper understanding of the real estate market than a sales associate. I am Hoboken resident who has lived in Hudson County for the past fifteen years. I have been a full time realtor in Hoboken for the past thirteen years.
Brian really helped me with his knowledge in this crazy market. Could not have done it without him.