Charleston mortgage rates at 5% again
Mortgage rates are back at their lows for the year in Charleston with 30 year fixed rates for both conventional and FHA financing quoted at 5%. 5 seems to be the magic number in mortgages and if you can buy a home (or refinance) with a 5% mortgage, there are big savings over the term of the loan.
The following chart shows what your mortgage payment would be at various mortgage rates. You can easily see how much you can save on your payment at various interest rates with some of the most popular rates circled for your ease of viewing. Either multiply the payment per $1000 by the price of the home you are considering or just get an idea of how monthly payments change as rates go up or down with an example using a $200,0000 home. (monthly payment does not include taxes and insurance)
Oops, I just noticed a typo in the spreadsheet, just below 5.5%, it should be 5.37%, not 4.37%.
Sorry about that. 