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[9 Sep 2011 | 2 Comments | 2,521 views]
What low interest rates really mean

We’ve heard it for the past couple of years – interest rates are near record lows, so you can save a pile of money if you buy a home now.
That sounds good, of course, but what does that actually mean to the average consumer? Let’s demonstrate how, exactly, those low interest rates can benefit home buyers. We’ll start with a mortgage for $150,000 and compare some interest rates.
Just a few years ago, an interest rate of 6.25 percent was considered quite low. That $150,000 mortgage – back then – would …