Good Times for Homebuyers as Record Low Home Mortgage Rates Continue

Now’s the Time to Buy that New Home or Refinance Your Mortgage – Record low Mortgage Rates Spurring New Home Buying and Home Improvements

By Mark J. Donovan

If you have been contemplating purchasing a home or putting on that Family Room addition, now is the time. Home Mortgage Rates are at levels not seen for 40+ years. Today 30 year Fixed Rate Home Mortgages are below 6%. Lower Home mortgage rates translate into more purchasing power for you.
For example, a $200,000 mortgage at 7% costs $1330.60 per month, where as a $234,500 mortgage at 5.5% costs $1331.47 per month.This means you have $34,500 in more purchasing power for effectively the same cost. Thus, you can build the Family Room or Garage you have been dreaming about at no additional monthly expense.

And knowing homes traditionally increase in value, you can be comfortable with your decision, as it is a long term quality investment.

How long these current Home Mortgage Rates will remain is a big question. However, the Federal Reserve has been ratcheting up short term interest rates fairly regularly over the past 6 months. They are doing this because they believe that the economy is improving and that inflation may soon rear its head again. If inflation does indeed kick up, then both short and long term interest rates will rise. Interest rate hikes can jump rather quickly so trying to time when to get a new mortgage or refinance can be dangerous.

To conclude, Home Mortgage rates have not been this low in 40+ years. If you have been thinking about refinancing and putting on the addition, now is the time.

Record low mortgage rates make it an ideal time to buy a house.

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