Let’s take a look:

• Loan amount: $400,000
• Down payment: 10%

Monthly principal & interest:

• 30-year mortgage → about $2,300
• 50-year mortgage → about $2,000

So yes, there’s a small monthly savings but wait for it…

• Total payments (30-year loan): $438,156
• Total payments (50-year loan): $816,396

That’s a big difference over time a reminder that a lower monthly payment doesn’t always mean a better deal.

Job Data Fuels Talk of December Rate Cut

ADP job numbers continue to point to labor market weakness, providing more ammunition for the Fed to cut rates in December.

In other news:

The House votes tonight on a measure to reopen the government.

The 10-Year Treasury Note Auction takes place today at 1 PM ET.

Let’s get you pre-qualified today http://www.YourApplicationOnline.com