Interest rates are falling, which means now is a great time to buy.
Falling interest rates is a trend that sounds wonderful, but what does this really mean for you? Does it make that big of a difference if you’re a homebuyer? Actually, yes.
Interest rates are under 4% right now. Back in January of this year, they were hovering between 4.5% to 4.75%. This means you can currently buy a house worth $360,000 to $370,000 for the same exact mortgage payment that would’ve only gotten you a $300,000 house back in January.
Alternatively, if you were thinking of buying in the $250,000 to $300,000 price range back in January, your mortgage payment would be lower if you bought a house now in that same price range. You can also shorten your mortgage repayment period to 20 years and it wouldn’t make that much of a difference between what you would’ve paid in January.
In other words, it’s a great time to buy, and we have a great selection of homes in our market that I’d love to show you. If you’d like to start your home buying journey or you have any other real estate questions, don’t hesitate to reach out to me. I look forward to hearing from you.