Mortgage Rates - Food for Thought

I looked this morning and the mortgage rates are at 5.25% for 30 yrs/no points. Look at what that means to the ‘affordability’ of an Eastham home.

For the same monthly payment (and a slightly increased down payment) you can buy 8% more house at 5.25% than at a 6% mortgage. This example is scalable, so go to my website’s Buyers Page and use your numbers in the mortgage calculator. Please note that the maximum mortgage currently offered at the 5.25% rate is $417K.

Food for thought.