Wednesday, June 10, 2020 / by Kaleigh Jones
UNEMPLOYMENT (MEANING EMPLOYMENT) NUMBERS FOR MAY:
Total non-farm payroll employment rose by 2.5 million in May, and the unemployment rate declined to 13.3 percent, the U.S. Bureau of Labor Statistics reported today.
WHAT IT CAN MEAN TO YOU:
There are lots of interior statistics, some good, some not so good, some making no sense whatsoever, but the stock market is already up 600 points and home loan interest rates are LOW.
1 - Home loan interest rates can be found for as low as 2.99% on a 30 year fixed with an average of 3.36% ????
2 - As interest rates remain way under 4% and people return to work, more homes will be available on the market.They'll want to buy before rates go up or something else bad happens and shuts them out.
Buyers will be paying more money in interest for less house in the near future if they hesitate now.
Here's the reality of how the cost of money affects buying power:
A $250,000 x 3% interest rate x 30 year home loan = $1054.00 P/I month.
A $220,000 x 4% interest rate x 30 year loan = $1050.00 P/I per month.
A one percent rise in home loan mortgage interest rate decreases your buying power by $30,000 = 12% less buying power. That is SIGNIFICANT.
You can get a bigger/nicer house for less money now and save tens of thousands of dollars over the life of your loan. Don't wait to take advantage of these low rates.
If you're curious about the market, what's out there and available for your family, give me a call. My team has a system PROVEN to get you the best house, for the best price, with the least hassle.