Is Low Interest Rate Window Closing?
April 29th, 2010 categories: For Buyers, Video For Buyers
I’ve been thinking about interest rates and how low they are now. As I write this it is very possible for qualified buyers in Honolulu to get a 30 year fixed rate loan at an interest rate of 5%. This equates to a monthly payment of $534.59 for every $100,000 you barrow. Below are two comparisons. The first shows you how much of a loan a monthly payment of $534.59 debt service. The second shows how much the monthly payment for barrowing $100,000 is at various interest rates. We are at very low interest rates and if you don’t yet own your home, the window may be closing on this era of low interest rates. This means you might want to buy now. Think about it.
Loan Amounts At A Payment Of $534.59
4% 534.59 $112,350
5% 534.59 $100,000
6% 534.59 $89,611
7% 534.59 $80,822
8% 534.59 $73,432
9% 534.59 $66,938
10% 534.59 $61,425
Loan Payments On $100,000 At Various Interest Rates
4% $100,000 $475.83
5% $100,000 $534.59
6% $100,000 $596.57
7% $100,000 $661.44
8% $100,000 $728.91
9% $100,000 $798.63
10% $100,000 $870.32
http://www.vimeo.com/11301957If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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Unfortunately, until interest rates actually make their hike, most people will not seize the opportunity of buying, or refinancing now. Good blog!
great post as usual!
nice post. i agree totally. When rates go up to 7-8% in the next few years, it will make loans cost so much that homes would need to drop 25% more to be as affordable.