Low Mortgage Rates Helping the Recovery of Real Estate.
With all the economic turmoil going on in Washington DC and the stock market one bright point for homeowners are the low mortgage rates that are available. With the average 30 year fixed mortgage rate being around 4.5%, not far from the record low rate in November 2010 of 4.42% reports the Wall Street Journal.
While no one has a crystal ball to see into the future, with rates at this low point helps homeowners and buyers save money. The general rule of thumb for refinancing is that one be able to decrease their rate by one percent to cover the cost of refinancing. Talk to your CFP, accountant and mortgage specialist to see if the savings make sense for you.
For example a $700,000 mortgage at 30 year rate of 5.5% monthly payments is $3,974.
Refinancing to a 30 year rate of 4.5% results in a $428 a month savings, or over the life of the loan savings of about $154,080. You can also realize huge savings by decreasing the number of years on the loan, Click here to see the difference of a 30 year mortgage verses a 20 year mortgage.
For free mortgage rates, tips, tools and mortgage calculator go to William Raveis Mortgage Website. You can find out useful information such as Rent vs. Buying, Rate Watch, Home Evaluation and more.
William Raveis Mortgage is a full-service mortgage banker. We offer most types of mortgage products. William Raveis Mortgage is licensed to originate loans in Connecticut, Massachusetts, New Hampshire, New York and Rhode Island.
David Popoff is a license Realtor in Connecticut with William Raveis office in Darien. A resident of Fairfield County for over 40 years with 30 years of work experience throughout lower Fairfield County and now resides in Darien, Ct since 2004.
- Member of the Connecticut Association of Realtors, CAR.
- Member of the National Association of Realtors, NAR.
- Member of the Darien MLS, Greenwich MLS & Greater Fairfield County, Ct MLS.
- NAR Green designee.
- David Popoff is an accredited LEED Accredited Professional (LEED AP) Homes and USGBC member of the Connecticut chapter (CTGBC).
- Associate member and an accredited Certified Green Professional (CGP) of National Association of Home Builders (NAHB) and the local chapter HBRA-Fairfield County, Ct. .
- Contact David Popoff for all your real estate needs in lower Fairfield County, Connecticut.