Money, money, money.
A full percentage point. That’s how much mortgage rates have dropped since late last year.
A few months ago, percentage forecasts didn’t expect rates to drop as low as 4%, but they did. In Chicago, it has been dropping beneath 4%, seeing about 3.375% on April 11th, according to Bankrate. Will this help homebuyers? Absolutely.
The difference in a $200K 30-year mortgage is this: a mortgage payment for principal and interest go down by about $120/month if the rate is 4.1% rather than 5.1%.
So, if you haven’t caught it yet: now is the time to buy.
Take a look at our homes for sale in Chicago!