LIME REALTY GROUP thought it was time we let you know what was happening to the mortgage rate.  And right now, we’ve got some great news!

As of Saturday, the 1st of October, FHA 30-year fixed mortgage is at 3.74%.  This puts a lot of buying power into the hands of first time home buyers.  If you’re looking for an FHA loan, your money has a lot of strength behind it.  The lower the rate, the more home your money can buy.

For example…  Let’s say your budget was $1,000.  The rate at 4% would take $40 out of your budget meaning you could only buy a home worth $960.  But the house you want costs $970.  At 3%, you’d be able to get the home you want.  Of course we’re looking at a super small scale of a market that deals in much higher figures.  But having the rate at 3.74% increases the number of properties you can find in your budget and your ability to afford them.  When you start talking about prices in the 100ks, that interest rate makes a huge difference.  Well into the thousands of dollars.

To get an idea of what you qualify for and what your money will buy, call Lime today and let us help you find out!