Mortgage interest rates hit another new low. It is now possible to get a 30-year mortgage for under 3%. This is down from the 3.3% I wrote about at the beginning of July.
That means that every 5K a buyer has to go over the asking price to have the highest bid will increase the monthly payment by $21 dollars a month.
When we bought our first house we got the bargain basement special rate of 8.4%. The lowest rate we ever got on a mortgage was 7%.