Low Home Prices + Really Low Mortgage Interest Rates = Fantastic Monthly Payments
Scott P. Rogers
March 2008 Annualized Median Sales Price = $197,000
March 2013 Annualized Median Sales Price = $175,000
March 2008 Average 30-Year Fixed Mortgage Interest Rate = 5.97%
March 2013 Average 30-Year Fixed Mortgage Interest Rate = 3.57%
The graph above shows the impact of combining low home prices and ultra low mortgage interest rates by analyzing the monthly payment (principal + interest) assuming 80% financing of the median sales price at the average mortgage interest rate.
As you can see, this monthly payment would have been $942 back in March 2008, and is only $634 today.
Today's low housing prices and historically low mortgage interest rates provide unique opportunities for home buyers!
