If you’ve been thinking about buying a home but wondering when would be the time to buy a house, then wait no longer! As of last week, mortgage rates continued to fall, with the average rates for long-term loans hitting the lowest point they’d been since June 2013.
Rates for 30-year fixed-rate mortgages fell to 3.97%, down from 4.12%. Rates for 15-year fixed-rate mortgages fell to 3.18%, down from 3.30%.
What does this mean for you as the home buyer? Basically, it equals out to savings from the get go. The less the interest rate is on your loan, the less you’ll be paying in interest on your mortgage. For example, if you purchased a home for $250,000 when the 30-year rate was 4.12%, the interest on the loan would be $10,300. The same home purchased at a rate of 3.97% would have interest of $9,925. That’s an automatic savings of $375, just because your timing was right.
Right now, I have some great listings at a variety of price points in some of Charlotte’s best and most walkable neighborhoods. Give me a call and let’s get you in your dream home at a great interest rate!