Mortgages backed by Freddie Mac had even lower rates. As of January 17, Freddie’s rates were 3.38% for a 30-year, fixed rate mortgage, and 2.66% for a 15-year mortgage.

The dip in mortgage rates stem from the Federal debt ceiling debate, which spooked the bond market and caused mortgage rates to fall back. For this reason, the super-low rate environment isn’t expected to last.  The financial markets are showing strength overall, and the economy as a whole is making progress. Most economists anticipate that mortgage interest rates will gradually rise during 2013, albeit slowly.

How much difference does the interest rate make in your monthly mortgage payments? Here’s a fast example. About 2 years ago, the average 30-year fixed rate mortgage was at 5.07%. On a $200,000 loan this would have meant a monthly principal and interest payment of $1,082.22.

With the average 30-year fixed rate mortgage now at 3.60%, the monthly P&I payment becomes $909.29. You would save $173 per month on your mortgage payments with the lower rate! You can explore different loan scenarios right our website using the Buyer’s Tools & Resources.

Please keep in mind that mortgage interest rates change daily, and the above rate examples are based on weekly industry averages. Also, the mortgage rate you qualify for will be affected by your credit-worthiness. Columbus home buyers need to have strong credit scores and fall within specific underwriting guidelines in order to obtain the lowest rates.

All said, it is very feasible for Columbus home buyers to obtain a 15-year mortgage, and look forward to mortgage-free living in the future! Imagine being able to retire, or send your kids to college without having a mortgage payment, or monthly rent, to worry about! It’s just one strategy among many that low interest rates allow you to consider.

As your Exclusive Buyer’s Brokerage in the Columbus area, we  continually share information to help our Columbus home buyers! And if you haven’t already done so, please feel welcome to download our free e-book for a wealth of home buying tips and strategies!

If you are buying a home in Columbus, OH, be sure to have professional representation on your side! Our services are free of charge to you, and we will be happy to explain how this works. Contact us for expert home buying guidance!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

www.BuyersHome.com 
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