Over the past several weeks, Freddie Mac has reported the average 30 year fixed mortgage rate dropping to record lows, all the way down to 3.03%.
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What does this mean for buyers?
This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low interest rates are winning big.
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Buyers are capitalizing on today’s low rates. As shown in the chart below, the average monthly mortgage payment decreases significantly when rates are as low as they are today.
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A lower monthly payment means savings that can add up significantly over the life of a home loan. It also means that qualified buyers may be able to purchase more home for their money. Maybe that’s a bigger home than what they’d be able to afford at a higher rate, an increasingly desirable option considering the amount of time families are now spending at home given today’s health crisis.
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If you’re in a position to buy a home this year, it’s a great time to reach out to a us at 480-788-4118 to initiate the process while mortgage rates are historically low!
Call, text or DM! We are here to help.
