Mortgage rates continue to a new record low. Last week, the average 30-year mortgage rate was 3.21%. The latest weekly FRM rate of 3.13% is the lowest recorded since Freddie Mac started tracking them in 1971.
How much of a difference does a low mortgage rate really make in terms of a monthly payment? Your Monthly Payment for 30 Years at an Interest Rate of 3.13% for a Loan Amount of $250000 is $1071.62 a Month. At a rate of 4.13%, just 1% higher, the monthly payment ins $1212.35, a difference of $140.73. Over the life of the loan that amounts to a $50,662.80 savings with an APR difference of only 1%..
This is continued good news for home buyers and sellers. Even as we see activity increase in the Sarasota area with more homes coming on the market, the low mortgage rates should motivate buyers to move quickly.
Less Americans are applying for unemployment benefits continuing a trend seen over the last 11 weeks. In the Sarasota area, the number of homes that went under contract in May this year equaled the number we saw in May of last year.
To quickly check current mortgage rates and see how to save thousands on your next mortgage see https://victoriasellssarasota.com/mortgage-rates/ .