Is It The Right Time to Buy Real Estate in Pasadena, CA? Part 3 of 4: Mortgage Rates
By Keller Williams
(Keller Williams Realty)
The third thing to consider in your purchase of a Pasadena home are the mortgage rates. Rising or falling mortgage rates can affect your payments similar to rising or falling prices. Even if prices drop 5% more in Pasadena, rises in mortgage rates could make that cheaper house more expensive to pay for. Since 2005 mortgage rates for 30-year fixed mortgages have fluctuated between a low of 5.48% on January 24 of 2008 and a high of 6.80% on July 20, 2006 according to the Freddie Mac Primary Mortgage Market Survey®. As of the writing of this post, interest rates have risen to 6.42% as of June 19, 2008 for loans under $419,000 up from 6.09% two weeks earlier for. So what effect does this have on your monthly payments? Well, the median home price in Pasadena this week is $673,879 accor...
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