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Record low interest rates make today a great time to purchase a new home or an investment property.  The average rate for a 30-year fixed loan sank to 4.69% last week, according to Freddie Mac. That was the lowest since the since the mortgage company began keeping records in 1971.

Considering rates were in double-digits (10%+) for most of the late 1970's and early 1980's, today's rates just can't be beat.  On a loan amount of $175,000, with a 30 year fixed rate mortgage at today's record loan rates would amount to a fixed monthly payment of $906.56 for loan principal and interest.  The same loan at the 2008 rate of 6.69% would amount to a payment of $1128.08 per month.  So, the same $175,000 home that has likely not appreciated in value, is $222.00 more affordable per month today than it was 2 short years ago. 

Purchasing a home in Rochester, Olmsted County, or Southeastern Minnesota has never been more affordable with the record low interest rates, falling home prices, large inventory, and motivated sellers.  Now is truly the time to buy.  Call me or text me today at (507) 202-0995 to get started.