Yes, you read that correctly! Even though interest rates have ticked up since the start of the year, they are still very low by historical standards and it's still a great time to buy a home and lock in a low interest rate and your cost of housing for years to come.
As someone who remembers interest rates rising to almost 20% in the 1970's, a mortgage rate in the low 4% range still seems awesome. And if you've been thinking about purchasing a home in 2022, you … (34 comments)
Have you been thinking about buying a Charlotte area home in 2021 and wondering if you should wait? A primary reason to buy sooner rather than later is that interest rates are projected to rise as the year goes on, as are home prices. As the chart below shows, each year your monthly mortgage cost is projected to increase by about $100.
Are you ready to purchase while rates are still low?
If you're ready to purchase a home while rates are still low: SEARCH FOR GREATER … (20 comments)
Yes, interest rates have ticked up since the start of 2021 and rose to over 3% in early March, breaking an almost year-long decline in rates. Nonetheless, interest rates still remain historically low. And keep in mind interest rates of today won't be this low forever, either, and are predicted to continue to increase throughout 2021.
While a gradual increase in 30-year fixed mortgage rates and a slight dip in mortgage applications does worry some as we enter the spring home-selling market and has them feeling like they … (20 comments)
If you've been thinking about refinancing your home, you should know that mortgage rates are at historic lows. It's a great time to refinance. And while locking in a lower interest rate and lower monthly mortgage payments for years to come is a great reason to refinance, that is not necessarily the only reason to consider refinancing your Charlotte home now.
The infographic below outlines more reasons why a refinancing might be a good idea right now, which rates are so low, which include cashing out the equity in your home … (46 comments)
Mortgage rates for 30 year mortgages just dropped to a historic low of 2.86% according to Freddie Mac! This really is breaking news!
There couldn't be a better time to purchase a home and lock in these amazingly low rates for years, if not decades, to come. And keep in mind that while rates continue to hit historic lows, the extreme lack of inventory coupled with increasing buyer demand are pushing home prices upward. Buyer demand for homes, nationwide and in the Charlotte metro market, is far above what we … (18 comments)
interest rates: With Interest Rates So Low... You Can't Afford NOT To Buy A Home
- 03/05/20 10:40 AM
Interest Rates Fall To An All-Time Low... The average U.S. rate for a 30-year fixed mortgage fell to 3.29% this week, the lowest ever recorded by Freddie Mac since 1971. The 15-year fixed rate also dropped, averaging 2.79%, down from 2.95% last week.
With mortgage rates this low, how can you NOT afford to buy a home and lock in your housing costs for years to come?
How Interest Rates Affect Your Monthly Housing Costs The chart below shows how average mortgage rates by decade have impacted the approximate monthly payment of a $200,000 home over time. Using the same $200,000 home example, the second chart clearly illustrates … (32 comments)
interest rates: Mortgage Rates At 9-Month Lows: Time To Buy Your Charlotte Home NOW!
- 01/15/19 11:16 AM
Mortgage Rates Fall To Their 9-Month Lows With mortgage rates falling to their lowest level in nine months, it's time to think about getting serious about buying your Charlotte area home before the rates tick up again. It's time to buy and it's time to lock in a low rate now!
Video: Your 365 Day Mortgage Forecast For 2019
What's The Cost To You Of Waiting To Purchase A Home? The infographic below clearly illustrates how much impact interest rates have on your purchasing power. And keep in mind that Charlotte home prices continue to increase. So it makes sense to lock in a low rate on … (30 comments)
interest rates: St Patrick's Day Might Be Over, But Don't Let Your Luck Run Out!
- 03/19/17 05:05 AM
Just because St. Patrick's day has come and gone for another year, there's no reason to let your luck run out when it comes to buying your Charlotte area home. After widely signaling its intentions to do so, the Federal Reserve Bank raised its benchmark interest rate one quarter of one point just this past week. And all things being equal, the Federal Reserve continues to stick to its forecast of two more increases this year and as many as three of them in 2018.
If you're anticipating purchasing a home in the forseeable future, it makes a lot of sense to … (36 comments)
interest rates: Interest Rates Are Rising: Should You Wait To Buy Your Charlotte Home?
- 01/30/17 09:17 AM
Should you wait to buy your Charlotte metro area home because mortgage interest rates have risen in recent weeks? NO, NO, NO! Don't wait... there's nothing to indicate the interest rates will be going down and they are more likely to go up during the course of the year. Besides, current rates at below 4.25% are still at historic lows ~ see the chart below for historic mortgage rates by decade:
Keep in mind that your mortgage interest rate not only impacts your monthly housing costs, but the rate also impacts your overall purchasing power.
Purchasing power is the amount of home you can … (26 comments)
interest rates: What Do Higher Interest Rates Mean For Home Buyers In 2016?
- 12/17/15 02:37 AM
What will yesterday's increase in interest rates mean for home buyers? As many of you may already be aware, the Federal Reserve increased interest rates yesterday for the first time in almost a decade by a 1/4%. Moreover, the Fed indicated they will continue to gradually raise rates and expect that short-term rates will rise by about one percentage point per year for the next three years. This most likely means that the days of under 4% mortgage rates will gradually fade away, although it remains to be seen where mortgage rates will settle over the next several years. Nonetheless, the … (22 comments)
interest rates: They Say Nothing Gets Cheaper In Life ~ Owning A Home Just Might If...
- 07/24/15 01:21 AM
They say nothing gets cheaper in life, but owning a home just might be the one thing that does IF ...you buy sooner rather than later, while homes are still affordable and below their historic peaks and interest rates remain very low. The infographic below from Keeping Current Matters below illustrates just how much cheaper it is to own a home today than it has been since the 1970's. I would challenge you to find anything that is cheaper today than it was 10, 20, 30, 40 years ago.
The chart below shows how home ownership is cheaper today another way ~ namely, … (22 comments)
interest rates: How Do Mortgage Rates Impact Home Buying Affordability?
- 06/05/15 03:42 AM
How do mortage rates impact home buying affordability? More significantly than people realize! Remember, it's not just the price of the home, but what it costs you to "carry" the home month-in and month-out for possibly as many as 30 years.
The infographic below, which traces the history of mortgage rates for the past 40 years clearly illustrates the impact of affordability on a home purchase. In October 1981, when interest rates were at an all-time high of 18.63%, a $200,000 mortgage at a 30 year fixed rate cost $3,177 in a monthly payment (and that was before taxes and insurance were … (55 comments)
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