“Over the past year, mortgage rates have fallen more than a full percentage point, hitting a new historic low 15 times. “
Over the past year, mortgage rates have fallen more than a full percentage point, hitting a new historic low 15 times. 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.
1. Move-up or Downsize: One 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, especially if your lifestyle has changed this year.
2. 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.
3. Refinance: If you already own a home, you may decide you’re going to refinance. It’s one way to lock in a lower monthly payment and save more over time. However, it also means paying upfront closing costs, too. If you want to take this route, you have to answer the question: Should I refinance my home?
Why 2020 Was a Great Year for Homeownership
Last year, the average mortgage rate was 3.93% (substantially higher than it is today). If you waited for a better time to make a move, market conditions have improved significantly. Today’s low mortgage rates are a huge perk for buyers, 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 per month based on today’s rates compared to what you would have paid if you purchased a home 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 connect today to discuss how you may benefit from the current rates.
To view original article, visit Keeping Current Matters.
Paused Your Moving Plans? Here’s Why It Might Be Time To Hit Play Again
With inventory still almost 23% below the pre-pandemic norm, well-priced homes are selling.
4 Things To Expect from the Spring Housing Market
With more inventory, slowing price growth, and stabilizing mortgage rates, buyers are gaining confidence and coming back into the market.
Buyers Have More Negotiation Power – Here’s How to Use It
Negotiating is a complex process. Lean on your agent for expert advice about what’s realistic to ask for and what’s not.
What You Need To Know About Homeowner’s Insurance
Homeowner’s insurance is a must to protect your home and your investment.
The Best Week To List Your House Is Almost Here – Are You Ready?
A seller listing a well-priced, move-in ready home is likely to find success.
Is It Time To Put Your House Back on the Market?
Since January, demand has picked up – and that should continue as spring draws even closer.
