Yes, by the Sherrill family rain gauge it has rained over 1 1/2 inches just today - still far from the other days 3 inches mark but the day is still young.  What else is coming down?  Well if you have read my blog before and look at the calendar you know it's Thursday and Thursday means rates have probably dropped.

Yes, today they dropped AGAIN to an average of 3.62% for a 30 year mortgage.  Last year at this time accoridng the MSNBC article http://economywatch.msnbc.msn.com/_news/2012/07/12/12703592-30-year-mortgage-rate-drops-to-record-356-percent?lite  they were at an average of 4.51% What does that mean to you?  Let me explain

Last year if you purchased a $150,000 home, took out an FHA loan with 3.5% down and financed the rest.  According to my Har.com moble app (yes a shameless plug) the amount you would pay for your principle and interest (not including mortgage protection insurance, insurance and property taxes) you payment would have been:

2011 - $734.00
This week - $660

A savings of $74 a month or $888 a year. 

Hmmmmm so the question is once again, what are you waiting for?  Do you like to save money?  Are you paying someone else's mortgage for them?  Rents go up and down with the economy - a mortgage payment is stable. 

Are you thinking of investing?  Rates won't be as low as 3.62% but they are lower than they were last year - that means more for your investment dollar.

Please give me a call (713)817-5710 or email me karen@karensherrill-homes.com if you would like to discuss it more or you would like assistance to buy a home. (remember having a Realtor help you buy a home costs you NOTHING - more savings!)