Real Estate

30 Year Mortgages DOWN to 3.62% Levels Currently

30 year mortgage rates dipped even further last week to just 3.58%, dropping to their lowest level since May 2013.

“The time for initiating a mortgage and locking in a low monthly payment for 30 years has never been better,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “The monthly costs of maintaining that mortgage are dropping in a time when DC rents are going up, up, up.”

The DC area is expensive. The DC area is expensive. The DC area is expensive. You hear it all the time, whether it’s the real estate press or someone you know complaining. The DC area will ALWAYS be expensive relative to other parts of the country. “Housing prices continue to go up, but these low rates really give first time home buyers a huge advantage that was not available in years past. You literally have very reasonable monthly payments if you control your spending level,” said DiRuggiero.

Our Free Buyer Workshops Calendar

Interest rates are volatile in the short-term and make small movements daily. Rates went back up slightly this last Monday to 3.62%. At this rate the mortgage costs the typical home buyer with strong credit approximately $456 per month for every $100,000 that they borrow on the mortgage.

“That’s cheap. If you have any question about how low that is, ask your parents how much they paid per month for the house you grew up in (if they owned it). Their interest rate, depending on when they bought, was probably 3 to 4 times as high.

What’s all this really mean? If you’re a prepared home buyer, you can secure 30 years of mortgage payments at 1 low rate, depending on which week you actually purchase. “If you’re seriously considering buying but haven’t taken the time to get ready, we offer a fast track to smart ownership – our UrbanLand Company Home Buyer Workshops give you the tools & info you need to make a strategic move, including how to use $0 Down / easy 100% financing programs that DC offers,” concluded DiRuggiero.

UrbanLand Company Home Buyer Workshops have produced $19.3 million in purchased homes since 2014 for DC and Maryland residents, many of which are $0 Down or low down payment loans. To find out next Workshop dates, RSVP here. Workshops are FREE of charge and are held at 913 Florida Ave. NW. near the U Street METRO.

Here’s some of the homes we’ve sold to Workshop attendees!

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