Rates at 5.1%

Here is what you have missed if you have not been watching rates. In the fourth quarter of 2010 rates were down to almost 4.1% and now, just a few months later they are back up to just over 5%. Is the sky falling? Nope, but you need to take a serious look at why and when you will be purchasing your next home, selling your current home or investing. With rates fluctuating like this, NOW is the time to contact me about your Real Estate needs for 2011.

4.1% on 30 Year Fixed Loan Amount of $180,000 = $885.60 P&I
5.1% on 30 Year Fixed Loan Amount of $180,000 = $979.20 P&I

That means that if rates continue to rise you could be looking at $28.00 per quarter point. Experts are predicting that rates will not increase to more than 6%, but if they do you are looking at a payment of another $100 a month. Keep your eye on rates over the next few weeks.