More good news for home buyers! Mortgage rates have fallen by over a full percentage point since Q4 of 2018, and are currently at near-historic lows. Lower interest rates means you can buy more house for the same monthly payment or have a lower money payment.
According to Freddie Mac’s Primary Mortgage Market Survey,
“the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.”
Sam Khater, the Chief Economist at Freddie Mac, notes how this is great news for home buyers. He states,
“…consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”
If you’re thinking of purchasing a home this fall, the best thing you can do is work with a trusted adviser who can help you keep a close eye on how the market is changing. Relying on current expert advice is more important than ever when it comes to making a confident and informed decision for you and your family.
Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home is on your short list of goals to achieve, let’s get together to determine your best move.