Buy our house, get a cheap mortgage.
After the close, Dow Jones is reporting that home builder Toll Brothers announced that they were offering a 30-year fixed rate mortgage for 3.99 percent, a full percentage point below the current rate.
Is that important? Yes.
Take a $300,000 mortgage at the current rate of 5 percent: the monthly payment is $1,610. At 3.99 percent, that $300,000 mortgage is $1,431, a differential of $179, a yearly savings of $2,148.
That is significant. Look for more creative ideas like this got get home buying going.
JP Morgan trading up 3 percent after the close as CEO Jamie Dimon says he bought 500,000 shares of JP Morgan recently.
Move over, Ken Lewis .
- BofA Stock Soars After CEO Makes Big Share Purchase
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