What’s Today’s Cost of Money?

Lately, you have undoubtedly heard that there’s never been a better time to buy a home. One reason for that is that interest rates haven’t been this low for over 40 years. As a result, the cost of borrowing money makes today’s buyer’s money stretch farther. The table below shows how much has changed since 2003. The monthly payment (Principal and Interest) on $100,000 is only $443.48, down from $609.23 nine years ago. Now that’s something to talk about!

*Freddie Mac 30 Year Rate in September each year      **Principal and Interest