Tuesday, August 01, 2006

Numbers for mortgages at different rates

House: 1-BR condo, 1st level of 3-story multi-dwelling condo, ~630-730 sq ft., has central air!
Buy: 162,500 Down: 32,500 Loan: 130,000 Type: 1-BR condo, ~630 or 730 sq ft
Monthly Tax: 125 Condo Fee: 175 (utilities not included; water included in condo fee)

As of August 1, 2006:
based on Loan of 130k, 30 yr loan, the mortgage payments are estimated to be the following:
130,000 7.25%,30y, 886.82
130,000 7.00%,30y, 864.89
130,000 6.875%,30y, 854.00
130,000 6.75%,30y, 843.17
ING @4.35%; GMACbank & Emigrant @5.15%; HSBCdirect @5.05%

In March 2006:
130,000 6.50%,30y, 821.68
130,000 6.25%,30y, 800.43
130,000 6.00%,30y, 779.41
130,000 5.75%,30y, 758.64
ING @4.00%, Emigrant @4.50%, HSBCdirect @4.80%
-of course, prices from Summer 2005 to March2006 has dropped a little for condos
-ie. Late 2005, similar condos in this building were being sold at 170k and 180.5k; now, 162.5k
-ie. A 2-br, new condo unit in a 40-unit complex in pbd, was asking $250-255-260k in Nov '05 (mortgage rates were ~6.0-6.5%); in March, price dropped only by 5k; BUT, as of August 1, 2006, the price has dropped 15-20k!

The Federal Reserve meets August 8, 2006 Tuesday to decide about interest rates: a hike, or not? A week earlier, inflation-adjusted consumer spending rose 0.2% in June06, and consumer prices are up 2.4% year over year; and a big increase in Institute for Supply Managment's manufacturing index to 54.7; crude oil at $74.91 per barrel!


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