Wilmington, NC, January 20, 2014 --(PR.com
)-- Mortgage rates are on the rise, and even the smallest increase in lending rates could have a dramatic effect on how much you are going to wind up paying each and every month. Wilmington Real Estate 4 U are experts in the mortgage lending rate industry because they deal with home buyers everyday.
Mortgage Lending Rates are at their highest since the government shutdown.
Currently set at 4.25% for a 30-year fixed mortgage, rates are significantly up considering that in early June of this year, the rate was just 3.98% (1).
Monthly Mortgage Payments
Consider this scenario: Someone is interested in purchasing a new home priced at $200,000. He has good credit and is planning on putting $50,000 down on the home.
If he had purchased the home in early June, when the lending rate was 3.98%, the monthly mortgage payment would have been $922.73 per month for a 30-year fixed mortgage on $150,000. Over the life of the loan, he will have spent $107,182.01 in interest and the total amount he will have spent for the home would have been $332,182.01.
By comparison, the same property purchased at today's rate of 4.25% would have a monthly mortgage payment of $946.24. The amount of interest paid over the life of the loan would be $115,647.54 and the total amount paid for the home would be $340,347.54. The lending rate increase of just 0.27%, between early June and now, results in you having to pay $8,165.53 more for the same piece of property.
Find an ideal piece of real estate now! Wilmington Real Estate 4U makes it easy to find an ideal home in Wilmington, NC. Simply use the Wilmington, NC Real Estate Search tool and it will provide a number of matches determined by the input criteria. From the River District to beach-side bungalows, Wilmington Real Estate 4U can help find the best homes so one can take advantage of the current mortgage lending rates before they get any higher.