“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.
The Latest Unemployment Report: Slow and Steady Improvement
There is, however, still a long way to go before the job market fully recovers.
Under Contract! 88 Lake Avenue
Under Contract by the Monzeglio Team! Call Steve and Marc today to see more homes listed by BrookHampton Realty!
#brookhamptonrealty #themonzeglioteam #undercontract
2020 Homebuyer Preferences
If your needs have changed recently and you’re thinking of making a move, taking advantage of today’s low mortgage rates is an opportunity you won’t want to miss!
How Is Remote Work Changing Homebuyer Needs?
Mortgage rates hovering at historical lows may enable you to purchase more home for your money, just when your family needs it most.
Why Homeowners Have Great Selling Power Today
With average home sale profits growing, it’s a great time to leverage your equity and make a move!
In Center Moriches, 19th century farmhouse asks $699,900
88 Lake Avenue, Center Moriches featured in the Real Estate section of Newsday! Interested in this home? Give Steve and Marc a call today.