A new report in Realtor Magazine confirms it’s getting easier to get a mortgage, and borrowing costs are still low. Credit scores on closed loans have dropped in 2015 from 731 to 723, the lowest in 4 years. The number of loans closing remains high, with time to close down to 46 days on average. The best news may be that interest rates remain very low, with 30-year fixed down to 3.79% nationwide and 15-year rates averaging 2.98%. Using the Zillow mortgage calculator; on a $300K mortgage a 1% rate increase on a 30-year loan would inflate the monthly payment from $1,400 to almost $1,600. A difference in payment of $200 over 30-years equates to $72,000 extra, so low rates are important and timing does matter.
Tony DeCamillis, Realtor - New Smyrna Beach, FL
(855) 492-3456 - www.nsbrep.com
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