“Over the past year, mortgage rates have fallen more than a full percentage point.”
Over the past year, mortgage rates have fallen more than a full percentage point. This is a great driver for homeownership, as today’s low rates provide consumers with some significant benefits. Here’s a look at three of them:
- Refinance: If you already own a home, you may want to decide if you’re going to refinance. It’s one way to lock in a lower monthly payment and save substantially over time, but it also means paying upfront closing costs too. You have to answer the question: Should I refinance my home?
- Move-up or Downsize: Another option is to consider moving into a new home, putting the equity you’ve likely gained in your current house toward a down payment on a new one that better meets your needs – something that’s truly a perfect fit for your family.
- Become a First-Time Homebuyer: There are many financial and non-financial benefits to owning a home, and the most important thing is to first decide when the time is right for you. You have to determine that on your own, but know that now is a great time to buy if you’re considering it. Just take a look at the cost of renting vs. buying
Why 2019 Was a Great Year for Homeownership
Last year at this time, mortgage rates were 4.63% (substantially higher than they are today). If you’re one who waited for a better time to make a move, market conditions have improved significantly. Today’s low mortgage rates combined with increasing wages are making homes much more affordable than they were just one year ago, so it’s a great time to get more for your money and consider a new home.
The chart below shows how much you would save based on today’s rates, compared to what you would have paid if you purchased a house exactly one year ago, depending on how much you finance.Bottom Line
If you’ve been waiting since last year to make your move into homeownership, or to find a house that better meets your needs, today’s low mortgage rates may be just what you need to get the process going. Let’s get together to discuss how you can benefit from the current rates.
To view original article, visit Keeping Current Matters.
10 Steps to Buying a Home
Here’s a guide with 10 simple steps to follow in the home buying process. Our favorite is #3! We are here to help you make your home buying process as easy as it can be! Call us today!
How Much “Housing Wealth” Can You Build in a Decade?
“Homeownership is an important source of wealth creation, enabling current homeowners to move up the economic ladder.”
Thinking of Selling? Now May Be the Time.
The market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.
Entry-Level Homeowners Are in the Driver’s Seat
Whatever you choose, if you’re moving out of an entry-level house, you’re likely going to be in the driver’s seat as a seller.
Opportunity in the Luxury Market This Year
With a strong economy and a backdrop set for moving up this year, it’s a great time to explore the luxury market.
Interest Rates Over Time
With interest rates hovering at near historic lows, now is a great time to look back at where they’ve been, and how much they’ve changed over time.