Defiance Interest Rates Drop to 5.0%!

Yep, you read that right! I called Denise Davenport at The State Bank here in Defiance Ohio and confirmed it. The rates for a 30 year fixed mortgage for a person with A credit was being promoted at 5.0%. I then followed up the call with a call to Ryan Frederick at Sherwood State Bank, Defiance Branch and he gave me the same number.

That's great news for the real estate market. I know that it will create a bunch of refinances, but if buyers have been on the fence waiting for whatever reason to purchase a home. Now might be the perfect time to buy. With the decline in home values and the decline in interest rates, buyers are at a prime position to get a lot more home for the money.

For example, a $100,000 loan at 6.5%, which is where it was at just a month ago would have a payment of $632.87 principle and interest and the same $100,000 at 5.0% would be $536.82. That's almost $100 per month savings! If you wanted to keep that same payment it would equal a new loan amount for $117892.05. That's almost $18,000 more home.

If you've been on the fence, contact me or get in touch with Denise Davenport at State Bank or Ryan Frederick at Sherwood Community Bank.

Thanks,

Scott

Scott Williams

Butler Mohr GMAC Real Estate

815 E. Second St.

Defiance,OH 43512

419-438-1165