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What's Up Wednesday- August 12, 2020

Posted by Leanna Conoscenti on Wednesday, August 12, 2020 at 7:04 AM By Leanna Conoscenti / August 12, 2020 Comment

What's Up Wednesday - 8/12/2020- What's going on with mortgage interest rates in Northern Virginia? 

Today we're talking about mortgage interest rates. One of our clients' go-to lenders, Melissa Bell with McLean Mortgage, shared that rates dropped again and are at an all-time low. Lower rates mean more buying power! 

But what buyers really want to know is what that looks like in terms of their monthly payments. Let's say you are looking to buy a $500,000 home. You have 20% for a down payment, a high credit score, and good income. With rates where they are right now, you might qualify for an interest rate of around 2.5%. This would make your monthly mortgage payment (not including taxes or insurance) about $1,580. Last year, the average rates in August were around 3.62%. With the same scenario at last year's average rates, the monthly mortgage payment would be $1,818. That's a lot of extra money each month!

So if you have been thinking about buying your first home or upgrading to your dream home, please reach out and we would be happy to walk you through the next steps. You might be surprised at what you can afford with today's interest rates! 

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For informational purposes only. The Spear Realty Group of Keller Williams Realty is not a mortgage lender. Contact a licensed mortgage lender for more information. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

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