Is 4.9 interest rate too high?

Hi I’m in the process of buying a condo in NJ Bergen county. With 20% down pay, I still need 400k mortgage. I spoke with couple lenders recently and most of them offered 30 year fixed with 5.3 – 5.5 rate. The best offer I have right now is 4.9 rate with purchasing 1 point. The break even point will be 3.5 year which seems reasonable to me. I have no problem affording the monthly cost but wondering if 4.9 rate with 1 point makes sense? Is it too high or reasonable based on the current market?

submitted by /u/CaterpillarOk8136
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Hi I’m in the process of buying a condo in NJ Bergen county. With 20% down pay, I still need 400k mortgage. I spoke with couple lenders recently and most of them offered 30 year fixed with 5.3 – 5.5 rate. The best offer I have right now is 4.9 rate with purchasing 1 point. The break even point will be 3.5 year which seems reasonable to me. I have no problem affording the monthly cost but wondering if 4.9 rate with 1 point makes sense? Is it too high or reasonable based on the current market? submitted by /u/CaterpillarOk8136 [link] [comments]

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