Interest rates just went down 11-3-2024

Interest rates were just lowered again this morning!!   What does this mean to a first time buyer?

Lets use $100,000 for purchase price comparison from 8%  to 6%.  Using a FHA loan

Down payment needed     $3,500  deducted from  $100,000 = Mortgage Loan Amount = $96,500

(  Principal   + Interest )    Taxes            Insurance = PITA plus      PMI (Private Mortgage Insurance)

( $96,500  +    8%)          $1579yr/$132mo           $1579yr /$132mo  = PITA    $971   plus     PMI ( Could be $20- $1200)

Guestimate –   132+132+ 996+PMI = PAYMENT

( $96,500   +    6% )                                                                                         PITA     $841 plus  PMI    (Could be $20- $1200 )

So there’s a range between $841 plus PMI and $971 plus PMI in the difference of monthly payment!

It’s getting better to buy now!

This is my blog for today 11-03-2025 @ 3:45 pm CST

Linda Meuth

270-577-7617 Call or Text anytime

linda.meuth@erafirst.com

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