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The average interest rate for a fixed 30 year loan dipped below 5% in 2009 and is now at historic lows.  Since 2000, interest rates have declined from over 8% to below 5%.  In practical terms, this means that purchasers can afford more home for the same monthly payment.  For example, a purchaser today who borrows $200,000 at a fixed 30 year interest rate of 5% would pay a monthly payment of $1073.  In contrast, a purchaser who borrowed $200,0000 in 2000 at a fixed 30 year interest rate of 8% would have paid a monthly payment of $1467.  Or stated differently, today’s purchaser can obtain a $200,000 loan at the same monthly cost as what a purchaser in 2000 would have paid for $165,000 loan.

Call Ellen Dudley 336-575-7249 or email EllenDudley@weichert.com

Visit www.buywinstonsalem.com