Smaller is Better

As we continue to get impatient waiting for a phone call from Tony, we also anxiously watching the 30-year fixed mortgage rates go above and below 5.0%.  While the numbers are small, the impact is big.  Last year the average mortgage rate was 6.2%.  So, if we had taken out a $200,000 mortgage at this time last year, our monthly payment would be $124 higher than a monthly payment at the current rate or $44,640 over the life of the loan -- that's a new luxury car, some clothes, a frisbee thrower for Harley, and maybe a toy for Jordan!