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New Orleans Interest Rates Drop to New Lows! 4.6% What does that mean to you?

     The market is telling us we need more buyers to buy homes and condos.  The rates plus willing sellers is making for some nice deals.  You should also be thinking about refinancing possibilities if you plan to stay for two years as the payoff is quite nice.  Here are some numbers.   You save a lot per month. In two years at 200k you will save $4224 which is much more than the cost to refinance.  Refinance Article Earlier on Cost of new loan.

Per 100k of loan your payment of principal and interest at 6% was $600 per month.

Now, at 4.6  % its dropped to $512 per 100k of loan, you save $88 per month

100k-save 88, 200k save $176, 300k save 284 per month

interest-rates-drop

     As a buyer your money is just going to go further these days.  People with good credit are in the drivers seat as buyers.  These low rates will last for a period of time.  Then with the government spending over a trillion dollars per year more than they take in  the cost of money will rise.  I just cannot tell you when its going to happen but know it will happen.

    There are a number of developers who need to clear their books of properties that are new or almost new in some great price ranges in Uptown New Orleans.  Part of their problem is the slow market and the facts that people cannot get loans for new projects using conventional loans.  This this adds to some very nice units that I have not seen before at these prices.  There are not massive amounts but they are out there. Check it out!

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA