Mortgage rates are very important because they affect a buyer’s ability to purchase or refinance a home. The current posted rates below show a surprise in that the two year rate is now slightly better than the one year rate. The big news is that between the least expensive short tern rate and the long term rate there is a difference in payment of $238 per month per $100K.

So if you had a $300,000 mortgage and you choose the short term over the long term you would save  $714. per month. Sweet!

This is what it would look like:

300k mortgage per month carrying cost ten year term  = $2,055.

300K mortgage per month carrying cost two year term = $1,341.

Savings————————————————————–  = $   714.

Term             Bank Rates          Rates I like!

1 YEAR               3.50%              2.89%

2 YEARS             3.55%              2.49%

3 YEARS             4.05%              2.89%

4 YEARS              4.79%            2.99%

5 YEARS              5.29%             3.29%

7 YEARS              6.35%            4.49%

10 YEARS            6.75%            4.79%

Call for a personal evaluation on your ability to qualify for a mortgage. Once you know how much you can comfortably finance it makes it a lot more fun to go out an buy your house! 613-236-5959 ask for Martin Elder, Broker at Keller Williams Ottawa Realty

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