“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.
Home Prices Up 5.05% Across the Country
Looking at the breakdown by state, you can see that each one is appreciating at a different rate.
3 Powerful Reasons to Buy a Home Now
With affordability increasing, mortgage rates decreasing, and home values about to re-accelerate, it may be time to make a move. Let’s get together to determine if buying now makes sense for your family.
Mid-Year Housing Market Update: Three Things to Know Today
If you’re thinking of buying or selling, or if you just want to know what experts are saying, here are the top three things to put on your radar.
Open House! $549,900
Sunday, July 28, 2019
12PM – 2PM
1 Newpoint Lane, East Moriches, NY 11940
Open House! $424,900
Sunday, July 28, 2019
1PM – 3PM
128 Holiday Blvd., Center Moriches, NY 11934
What Experts are Saying About the Current Housing Market
Experts agree the housing market will be strong for the rest of 2019. If you’d like to know more, let’s chat about what’s happening in our area.