The current housing market is truly one of the record books. In the past year, we have seen the lowest mortgage interest rate in history. And while those rates appeared to have bottomed out in January of this year, the golden opportunity for buyers isn't over yet. If you're one of the buyers who fears you'll miss out, rest assured that current mortgage rates are still worth tapping into.
Even today, our mortgage rates are below what they’ve been in recent decades. So, while you may not be able to lock in the rate your friend got recently, you’re still in a great position to secure a rate well below what your parents and even grandparents got in years past. The key will be acting sooner rather than later.
In late September, mortgage rates ticked above 3% for the first time in months. And according to experts throughout the industry, mortgage rates are projected to continue rising in the months ahead.
While a projected half percentage point increase may not seem substantial, it does have an impact when you’re buying a home. When rates rise even slightly, it affects how much you’ll pay month-to-month on your home loan.
In this example, if rates rise to 3.55%, you’ll pay an extra $100 each month on your monthly mortgage payment if you purchase a home around this time next year. That extra money can really add up over the life of a 15 or 30-year loan.
Clearly, today’s mortgage rates are worth taking advantage of before they climb further. The rates we’re seeing right now give you a unique opportunity to afford more homes for your money while keeping your monthly payment down.
Waiting for a lower mortgage rate could cost you. Experts project rates will continue to rise in the months ahead. Work with a trusted real estate professional to seize this opportunity before they increase further.
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