Did you miss the $8000 tax credit? Good!

Post-Tax Credit Buyers May Save Money
Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do.  Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $200,000 home would have saved a bundle by waiting until May.

At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,115.58.  The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.5 percent in May and paid only $1,013.37 per month.

That’s a $1,226 annual savings. Over 30 years, it’s a $36,795 savings, dwarfing the $8000 tax credit.

 

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Posted via email from Scott's posterous