Even though rates have increased from historic lows a few years ago, we are still in a market of very low mortgage interest rates. We spoke with one of our preferred lenders to give us some insight on rising interest rates and why now is still the time to buy a new home! Here's what you need to know:
What do current interest rates look like? Interest rates start at 4% depending on loan type, credit score, down payment, loan amount, etc.
Will there be an increase in the near future? Normally, interest rates may trend up over time, but don't expect any drastic increases in the near future.
How are interest rates determined? Mortgage interest rates are based on what the bond market, stock market, federal rates, political policies, and economic factors including supply and demand for credit.
Is now a good time to buy a home? It is always a good time to purchase a home! Homeowners build equity monthly. As a renter, there is no return on your investment. Buying a home is one of the biggest investments you can make, but it also has the greatest return when it is time to sell (especially in today’s market)!
Feeling better? It's not so bad after all. For more information on interest rates and buying your new home, speak to one of our preferred lenders. They have your best interest in mind, and we do too!