Spring is right around the corner, so flowers are starting to bloom, and many potential home buyers are getting ready to step into the market. If you’re thinking of buying this season, here’s how mortgage interest rates are working in your favor.
To put this in perspective, the following chart shows how average mortgage rates by decades have impacted the approximate monthly payment of a $200,000 home over time:
Clearly, when rates are low – like they are today – qualified buyers can benefit significantly over time. Keep in mind, if interest rates go up, this can push many potential home buyers out of the market.
You certainly don’t want to be priced out of the market this year, and waiting may mean a significant change in your potential mortgage payment should rates start to rise. If your financial situation allows, now may be a great time to lock in at a low mortgage rate to benefit greatly over the lifetime of your loan.
If I can help you with your real estate goals, please give me a call today! I am always happy to answer any real estate questions you may have.