In Today’s Market Right Now Is The Perfect Time To Purchase Your Dream Home!
Eight months into 2016, and mortgage rates are making a monkey out of Wall Street predictions. According to Freddie Mac’s weekly mortgage rate survey, 30-year mortgage rates are holding low, closing last month at 3.48%, on average, nationwide. 30-year mortgage rates are down more than 50 basis points (0.50%) since the start of the year, and 15-year mortgage rates are down by a related amount. More than 7 million U.S. homeowners are potentially eligible to refinance, and if you’re in the market to buy a home, it’s the perfect time to be looking. Due to the way mortgage rates have dropped, if you could afford a $400,000 home in December, today, you can afford a home for $427,000 — an increase of 7% to your purchasing power.
Today’s mortgage rates are well-entrenched in the 3s — and some borrowers report getting rates in the twos. Loans now cost just $448 monthly for every $100,000 borrowed, excluding escrows for taxes and insurance; and, private mortgage insurance (PMI), where applicable. It should be noted that although mortgage rates are low today, they may not stay low for long. Mortgage rates change quickly with the economy, and with shifts in market sentiment, so today is not only the best opportunity, but also the perfect time to take a look at the low rates!
With the new lows in mortgage rates, see what your future monthly mortgage will be!