MORTGAGE RATES AND PAYMENTS

Mortgage rates remain significantly lower than six months ago. Back in August, the average 30-year fixed mortgage rate was 6.66 percent, meaning a $200,000 loan would have carried a monthly payment of $1,285.25. With the average rate now at 5.34 percent, the monthly payment for the same size loan would be $1,115.58, a savings of $170 per month. There is an average half percent origination fee nationally.

The trend on rates is downward, but if foreign banks stop buying our debt the trend may turn the other way.

These historically low rates, affordability of housing, and more choices make this a great time to buy.