Your mortgage rate has an enormous impact on how much you’ll wind up paying for a home. In fact, a difference of just a few tenths of a percentage point could mean paying tens of thousands of dollars more over the life of the loan. While rates have risen a little since the historic lows of a few years ago, they’re still extremely reasonable, making now a great time to buy a home.
Current Interest Rates
After a downward trend in the middle of 2017, interest rates are inching back up, but they’re still below 4%, which makes buying a home an affordable choice. After all, before 2008, new homeowners were paying between 5% and 6%, adding thousands of dollars to the purchasing price. While home values today may seem higher, the lower interest rates actually bring the total cost of buying down.
Mortgage rates will probably keep rising, but buying a home now will lock you into today’s rates and insulate you from future fluctuations. If you’re planning on buying in the next few years, taking advantage of interest rates below 4% on a 30-year fixed mortgage could be an excellent financial move, potentially saving you a great deal of money you can put toward remodeling your new home or saving for the future.
Buying a home can be extremely stressful and confusing, which is why the loan experts at The Myers Mortgage Team in Dayton, OH, are committed to making the process as easy as possible. With their in-depth professional expertise and wide network of reputable lenders, they’ll take the time to find you the right program with the best mortgage rates available. Learn more about their services online, or call (937) 545-8587 for a consultation with a leading mortgage loan specialist today.