Interest Rates are On The Move

June 2, 2009 | By Kelley Koehler | Filed Under Loans and Financing

If you’ve been shopping for a home, you may want to call your lender and check on rates. They’ve been swinging all over the place recently.

Not only have they been moving often, they’ve been making large changes, up over half a point in a day.

In terms of real money, on a $200,000 mortgage, if your rate went from 5.5% to 6.125%, your payment just went up $80/month. That’s not insignificant, especially in the lower price ranges where buyers are more sensitive to monthly payment amounts.

My friend Dan Green over at The Mortgage Reports explains the recent interest rate swings all in more detail. Go check it out – the guy knows the mortgage business like no other and talks about it in very understandable terms.

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