Cheap mortgage rates make owning University Park Texas real estate more affordable. Mortgage rates are directly tied to monthly mortgage payment so as mortgage rates drop, so does the cost of home-ownership.
It?s a money-saving time to buy a home in? University Park Texas ? or to refinance one. Mortgage rates have never been this low in history.
According to Freddie Mac, last week, the average 30-year fixed rate mortgage fell to 3.87% nationwide for borrowers looking for University Park homes . This represents an incredible value as compared to February of last year.
It was precisely one year ago that University Park mortgage rates began their long slide lower.?On February 11, 2011, the 30-year fixed rate mortgage in University Park Texas reached its peak for the year at 5.05%.?If you are among the many University Park homeowners that bought or refinanced a home around that time, you could choose to replace your current University Park Texas home loan with a new one and save close to 13% on your monthly mortgage payment.
13 percent saved on your mortgage is a noteworthy statistic. Look at this 30-year fixed rate mortgage payment comparison over the last 12 months :
- February 2011 : $539.88 principal + interest per $100,000 borrowed
- February 2012 : $469.95 principal + interest per $100,000 borrowed
Because of low mortgage rates, a homeowner with a $250,000 30-year fixed rate mortgage would save a minimum of $175 per month just by refinancing into a better loan at today?s mortgage rates.?That?s $2,100 in savings per year. Even after accounting for discount points and closing costs, the ?break-even point? on a mortgage like that can come quickly.
We can?t predict? mortgage rates in? University Park Texas so there?s no promise rates will stay like this forever. In fact, they likely won?t last long. If you?re planning to buy University Park homes for sale or refinance, the best way to keep your monthly payments down is to lock your rate while mortgage rates are still low.
The market looks ripe for that now.
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Source: http://universityparkrealestate.co/how-to-save-on-your-monthly-mortgage-real-estate/
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