Charlotte Monday Update| Interest Rates Under 6%, Panthers Win, September is Warm and Wet
September 15th, 2008 Categories: Charlotte News and Politics
Mortgage Interest rate’s kept falling, I heard numbers as low as 5.675 (30 yr fixed) this past week with one point.
What’s the difference between 5.75 and 6.5? More than it appears by a quick glance at the “small” difference in rates. Lets look at a couple examples based on a 30 year fixed rate:
If you borrowed $250,000 ($300,000 home - $50,000 DP), your Principal + Interest (PI) at 5.75%=$1,459. Buy the same house, at 6.5%, and your PI = 1580. Over 5 years, the 5.75% loan SAVES you $7,260, over 10 years it SAVES a Buyer $14,520.
Another example, you are borrowing $1M, your PI at 5.75%= $5,835 , at 6.5% it is $6,320. Wow. Over 5 years, the 5.75 rate SAVES a Buyer $29,100.
That means the home you were looking at last week? It just got cheaper to buy!
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It is a little better Monday after a Panthers win, and this 2008 edition of the Carolina Panthers is proving to be quite a team- Back to back 4th Quarter wins over playoff teams, and dominating defense has set the table for a special season– all done while the arguably best player on the team was sidelined. 2-0, with (2) 4th quarter wins, the questions at quarterback answered, not a bad start… I’ll be watching. Here’s the wrap up.
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The drought still hasn’t been declared officially over, but more rain last week has made Charlotte as green as I can remember. What a difference a year makes… and a few tropical depressions blowing through in August! Lakes are full, water tables have to be near full. August had 2 weeks of milder temperatures, daytime highs in the mid 80’s. We are making up for that in September, this past weekend both days wee in the low 90’s.
It is going to be a great fall in the Carolinas.
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It’s a strong buyers market here in Charlotte, If you are in town, or coming to town, and need help with anything, please don’t hesitate to give me call at 704-351-1519. We represent Only You.Related posts
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