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COMMENTARY | Granted, I’m not really in the market for a mortgage right now. In fact, I’m not even a current mortgage holder. So what makes me so interested in mortgage rates? Well, that would be because they’re at their lowest level ever, and I’m missing the train. Though this doesn’t mean I’m going to go chasing after that train only to get run over when I catch it, I’m still paying attention to mortgage levels and biding my time patiently in the event the right real estate situation presents itself.

Rates Are at What?

I already mentioned that rates are low, but just how low are they? The 30-year fixed rate just dropped under the 4% mark and 15-year fixed-rate mortgages have plunged to nearly 3.25%. While lending restrictions are in many cases being heightened, making it more difficult for many people to obtain such great rates, if you’re in a position to put a substantial down payment upon a home, have reasonably good credit, and a stable job — an “alignment of the stars” if you will for many in this poor economy — such rates can be a enticing factor.

Why Does it Matter?

We sold our home several months ago and haven’t really been considering buying in the near future, so why do such rates have me so excited right now? Well, I can’t deny that if the right situation presents itself, we wouldn’t re-consider getting back into the real estate market. While I’m not one to be enticed by low rates alone, they can be a substantial factor in making my possible re-entry into real estate a more positive and maybe even probable one.

The Difference

Some may question why mortgage rates make such a difference in my considering re-entering real estate. Well, let me use our previous mortgage as an example.

On our last home, we carried a $165,000, 15-year fixed rate mortgage at 5.375%. That meant that with all things remaining constant (no refinancing, no extra payments, not figuring in application fees, etc.), we would pay more than $75,000 in interest over the course of the loan. Lower that interest rate by two percentage points, taking it to 3.375% at the same terms, and we find ourselves with a savings of over $30,000 over the course of the loan.

Bump that up to a $200,000, 30-year fixed rate mortgage (again, all things remaining constant and not figuring in mortgage application fees), also with a difference of 2% (let’s say going from 6% down to 4%) and the savings would be nearly $88,000 in interest over the course of the 30-year loan.

Pairing Up

With the current real estate market still struggling, and the economy appearing to be going nowhere fast, the pairing of low interest rates and low home prices could prove too much for some to resist. While I’ve had a pretty poor first experience with real estate, and I’m not pressing to become a homeowner again right away, being able to pair these two factors to get the best deal out there, both in the short-term (with home prices lower than they’ve been in years) and in the long-term (with mortgage rates the lowest they’ve ever been), I can’t deny that I’m tempted.

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Disclaimer: The author is not a licensed financial professional and any figures and calculations have not been verified. This article is for informational purposes only and does not constitute legal or financial advice. Any action taken by the reader due to the information provided in this article is solely at the reader’s discretion.