Boise Real Estate Nears The End Of The World
“Mortgage Rates Move Sharply Higher!”
That was the headline of an article on CNNMoney.com yesterday.
Sounds like the end of the world as we know it, doesn’t it?
The article went on to state that the average interest rate for a 30-year fixed-rate loan climbed to 6.37% for the week ending May 24th; up from 6.21% the previous week.
To illustrate the absurd negativity of this article, let me point out that the payment on a $200,000 loan at 6.21% would be $1,226.24 vs. a payment of $1,247.09 at 6.37%.
The difference is a paltry $20.85/month!
Know what?
If $20.85/month means your kids only eat two meals a day, you shouldn’t be borrowing $200,000 to begin with!
Wanna hear the hilarious part of the article?
The article further points out that interest rates were 6.62% a year ago!
In other words, the headline of the article could have been “Interest Rates Down Year Over Year!”
May 24th, 2007 Posted in Uncategorized
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