Thinking About Purchasing A Home? Rates Won't Be This Low Forever!

By
Real Estate Agent with Coldwell Banker Realty

 

Thinking About Purchasing A New Greater Charlotte Area Home?

Interest Rates Won't Be This Low Forever!

 

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.

 

Feeling Like You Missed The Boat With Rising Interest Rates?

 

 

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 missed the boat, here's why the rise in interest rates should not overly worry you. Here's why:

 

When you look at the Freddie Mac annual mortgage rates for the last five years, you gain a whole other perspective on what this uptick in interest rates might mean.

  • 2016: 3.65%
  • 2017: 3.99%
  • 2018: 4.54%
  • 2019: 3.94%
  • 2020: 3.11%

 

Looking at mortgage rates over the last 50 years, it's quickly evident that today’s rates just over 3% are still truly outstanding. 

  • 1970's: 8.86%
  • 1980's: 12.7%
  • 1990's: 8.12%
  • 2000's: 6.29%
  • 2010's: 4.09%

 

Being upset that you missed the “best mortgage rate ever” is understandable. But be careful not to throw out the baby with the bathwater. Buying now still makes more sense than waiting, especially so if rates continue to increase this year.

 

 

Mortgage Interest Rate Projections For 2021

 

2021 Projections For Mortgage Interest Rates

 

 

The Cost Of Waiting To Buy A Home In 2021

 

The cost of waiting to buy a home in 2021

 

Waiting to purchase a home results in paying:

An extra $20,650 for price of the house

An additional $2,065 for a down payment (assuming 10% down)

An extra $116 per month in your mortgage payment ($1,392 additional per year)

 

Waiting to buy a home in 2021 ultimately reduces your equity build-up by $20,650.

 

Even though interest rates are rising, it's still a good time to buy a Greater Charlotte area home.

 

 

Are you ready to purchase while rates are still low? If you are:

 

SEARCH FOR GREATER CHARLOTTE AREA HOMES HERE

 

Search for all Charlotte area homes on GreatHomesInCharlotte.com

 

LISTING ALERTS FOR GREATER CHARLOTTE AREA HOMES

 

Sign up to receive listing alerts for homes that match your specific criteria and find out about new home listings as soon as they come on the market. This is a great feature to save you time while keeping you informed "real time." And it's free!

 

Free home listing alerts for Charlotte area homes from GreatHomesInCharlotte.com

 

 

 FREE HOME BUYER GUIDE: THINGS TO CONSIDER WHEN BUYING A HOME

 

 

Need To Sell Your Charlotte Area Home Before You Buy Your Next Home?

 

If you need to sell your home in the Charlotte region before buying a home we can provide you with a free home equity valuation. What you don’t know can cost you time and money when it comes to selling your house. The best source of information is your real estate agent and we’ve put together a growing list of helpful resources about the home selling process. When you’re ready, call Nina Hollander at 704-779-0813 to discuss how we can help sell your home.

 

 What's The Value of my Charlotte area home?

 

How much is my Charlotte area home worth?

 

 FREE HOME SELLER GUIDE: THINGS TO CONSIDER WHEN SELLING YOUR HOME 

 

 

Matching Greater Charlotte Home Buyers With Lifestyles For 20+ Years

 

Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty would appreciate the opportunity to earn your trust and to help you find your dream home in 2021.

 

We'll help you find your lifesyle within your budget and your time-frame. Whether you're a first-time home buyer, down-sizing, up-sizing, or relocating to Charlotte, we are here to guide you throughout the process and would love to earn your business, exceed your expectations, and show you how:

"The Right Broker Makes All The Difference."

 

 Great Homes In Charlotte

 

 

Read the original post at www.GreatHomesInCharlotte.com

 

Posted by

 

 

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

Charlotte Magazine 5-Star Customer Satisfaction Award Winner Since 2007

 

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Oh by the way, I'm never too busy for any of your referrals!

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (20)

Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nina,

I hope many respond to your call of action re interest rates.  Wishing you a delightful weekend and a Happy Easter.  A

Apr 02, 2021 09:01 AM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Nina, it is a great time to purchase a home, low interest rates won't last forever. Wishing you a Happy Easter!

Apr 02, 2021 11:34 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, rates are ridiculously low, and a great time to buy.  I remember having an interest rate of 17% back in the late 80's.

Apr 02, 2021 11:53 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina rates started to go up about 1 1/2 months ago and have not come back down, so Buyers should act quickly if they want to take advantage of the rates before they go up further.

Apr 02, 2021 12:11 PM
Mark Don McInnes, Sandpoint
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Hello Nina,  you are absolutely correct.  We have had an incredible run of low interest rates over the past few years.  Present rates should not be taken for granted.  Mark

Apr 02, 2021 04:34 PM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Nina.

Great information, thanks for sharing.  People in my area are aware of the rates and I'm very busy keeping up with all the contracts coming in

Apr 03, 2021 12:20 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Nina is right. Rates aren't going to be this low forever. If you are ready to buy a home in the Greater Charlotte Region. Call her to represent you in your purchase. Call her today!

Apr 03, 2021 04:06 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thanks, Alexandra. Wishing you and Ron the loveliest of Easter weekends, as well.

Apr 03, 2021 05:11 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Beth... while rates in the two's were awesome, it's important to not forget that current rates are still historically low.

Apr 03, 2021 05:12 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Joan Cox... those of us of a certain age all remember those crazy interest rates in the 1970's. Rates in the low three's seem like a bargain to me.

Apr 03, 2021 05:13 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, George... even if rates tick up further, they are still a bargain when you think about historical mortgage rates.

Apr 03, 2021 05:13 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Mark Don McInnes... those of us who remember the 1970's, 1980's, 1990's, etc. know that what goes down can come up.

Apr 03, 2021 05:14 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, James... glad to hear you have contracts coming in. I have buyers and can't get an offer accepted for love nor money.

Apr 03, 2021 05:15 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Sheila... lots of younger people know only low rates... they don't know yet how high they could go as they did in the past.

Apr 03, 2021 05:16 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Uh oh, someone will have to get a loan for over 3% interest, I feel terrible for them, haha.

Apr 03, 2021 05:25 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Nina,
I only wish rates were this low when I was financing homes in the '70's and '80's.  I remember running to the bank when rates got below 10%. 

Apr 03, 2021 05:52 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Brian... I remember the days when we thought mortgage rates at 6% were awesome!

Apr 03, 2021 06:40 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Carol Williams... I remember those days, myself. And when rates would hit 8% it was a stampede!

Apr 03, 2021 06:41 AM
AndreaBFerreira CRS - SRS - CLHMS
Keyes Co. - Davie, FL
Miami Dade, Broward and Palm Beach County in FL

Nice post, I say to understand.., are you sharing in your social media? Congratulations!!

Apr 20, 2021 06:50 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Andrea... thank you. Yes I do share to social media, but can't say any of it makes much difference. And social media is not what generates most of my business in any event.

Apr 20, 2021 08:46 AM

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