Being able to afford a home has improved. Although prices are nearly back to their January 2009 level, affordability has improved because mortgage rates have fallen. The typical mortgage rate on a 30-year fixed-rate loan dropped from 5.05% in January 2009 to 3.38% in October 2012 (Freddie Mac). That drop in mortgage rates reduced the monthly mortgage payment on a $200,000 loan by 18%. For those who can afford the down payment and can qualify for a mortgage, homeownership is significantly more affordable today than 4 years ago.
Serving Anderson SC Real Estate, Clemson Real Estate, and Lake Hartwell Real Estate,
Nancy Lamar, REALTOR
Fine Home Specialist
www.CallNancyLamar.com
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