Mortgage Rates at all time lows. Should you buy now?

Mortgage rates for the Portland area have dropped to 3.875% in the past few days, presenting an amazing time to buy and save money.  Rates for a 15 year fixed mortgage are at 3.25%!  

We have no idea how long this opportunity will last.  Inflation is a concern and many pundits believe rates will have to rise in the near future.  

Financing $250,000 at 3.875% gives you a monthly paymnet of $1,176 P+I.   

Financing $250,000 at 5% gives you a monthly payment of $1,342 P+I.  

That's $166 per month savings.  $1992 per year.  $59,760 in savings over the term of the loan. 

Another way to look at these great rates is what your monthly payment gets you in home value.

A house payment of $1,176 per month, essentially gets you a $250,000 loan at 3.875%.  If rates go to 5%, that $1,200 payment only gets you a $225,000 loan.  So, taking advantage of these low rates buys you a lot more home.

 

Contact us today, to find out what you can afford and take advantage of this amazing opportunity.  

503-222-7623