Interest Rate this week drop to under 4% for 30 year mortgage

Interest Rate this week drop to under 4% for 30 year mortgage

Mortgage interest rates have been low for quite sometime now, but it has not been this low for a while. This week Freddie Mac have the 30years rate at under 4%..Whoa!!!.. The  current rate for 30 years fixed is 3.97% and for 15years is 3.18%.!!! So what does that mean to you? If you've been thinking is time to buy, this is the best time to make your move with low interest rate and many houses in the market you cannot go wrong.

Let's break it down.

For a house of $250,000 ,with interest rate of 3.97% ,FHA loan - the approximate payment  for principal and interest monthly will be $1,147.60. And if you really want to pay if off quickly go with 15 year mortgage ,the payment for 15year mortgage loan will be $1947.41.

Well how much are you paying in rent monthly? In this metro area the average rent for a two bedroom apartment is $1500.

 In Bowie  the average rent for detached homes is about $2500, for townhouses in Bowie  is about $1800.00 .I just rented a condo for a client in Bowie this week for $1750.

In Silver Spring the average detached homes for rent is about $2400, for townhouses in Silver Spring the average rent is $1750.

Wondering what $250,000 will buy in Bowie? Check out some of these homes.

3114 TWISTING LN, BOWIE, MD 20715

235,000

4bed/2bath

619 STILLWATER PL, BOWIE, MD 20721

$250,000: 3bed/2.5bath

15114 JOPPA PL, BOWIE, MD 20721

 $249,985 2bed/2.5bath

How about what will $250,000 buy in Upper Marlboro? Check these homes for sale in Upper Marlboro

16107 MCCONNELL DR, UPPER MARLBORO, MD 20772

$239,900

4bed/2.5bath

9806 BROADMOOR TER, UPPER MARLBORO, MD 20772

$175,900

3bed/2bath

4524 SHERBORN LN, UPPER MARLBORO, MD 20772

$219,900

3bed/2.5bath

What about homes in Germantown or Silver Spring? Here is a list for of homes for sale in Germantown and Silver Spring for under $250,000.

Homes For Sale in Silver Spring for under $250,000

705 JUSTIN WAY, SILVER SPRING, MD 20901

250,000

4bed/2bath

9740 HEDIN DR, SILVER SPRING, MD 20903

$249,900

3bed/2.5bath

13115 CONDUCTOR WAY #240, SILVER SPRING, MD 20904

$225,000

2bed/2bath

Homes For Sale in Germantown  for under $250,000

18907 LARK SONG TER, GERMANTOWN, MD 20874

$230,000

3bed/2.5bath

18843 BIRDSEYE DR, GERMANTOWN, MD 20874

$219,990

3bed/1bath

18632 MUSTARD SEED CT, GERMANTOWN, MD 20874

$189,900

3bed/2.5bath

What next? Start your journey to home ownership drop me an email @ keji@metrohomesrealty.com , or call me @ 301-613-2043,better yet request more information about other programs available for first time buyer or move up buyer over here.Programs!!

If you are looking to sell your Bowie house call me for a free market analysis of your home's current value. If you are looking to buy a house in Bowie, I'd be happy to give a free consultation, of what homes are available in Bowie.

Keji Ogunleye , Associate Broker - Licensed in Maryland & Virginia, Fairfax Realty,Inc

301-613-2043, keji@metrohomesrealty.com, www.metrohomesrealty.com