It's a money-saving time to be a Midlothian home buyer. Historically, mortgage rates of all types -- conventional, FHA, VA and USDA -- have never been lower and low mortgage rates make for low monthly payments. According to Freddie Mac's weekly mortgage rate survey, the average 30-year fixed rate mortgage fell to 3.67% nationwide last week for borrowers willing to pay 0.7 discount points at closing, plus a full set of closing costs. 0.7 discount points is a one-time closing cost equal to 0.7 percent of your loan size, or $700 per $100,000 borrowed. Today's mortgage rates are a bargain as compared to just 1 year ago. In early-June 2011, the average 30-year fixed rate mortgage nationwide was higher by 88 basis points, or 0.88%. If you are among the many U.S. homeowners who bought or refinanced a home around that time, refinancing to today's mortgage rates could save you 10% or more on your payment. Home buyers have measurably more buying power, too. Here is how mortgage payments on a typical 30-year fixed rate mortgage have changed in 12 months :
- June 2011 : $509.66 principal + interest per $100,000 borrowed
- June 2012 : $458.59 principal + interest per $100,000 borrowed