Mortgage rates are on the continued upswing indicating now may be time to buy a home and fulfil the American Dream for those that have been sitting on the fence instead of your own backyard. With rising mortgage rates and continued inflation locking in a 30 year fixed home payment when comparing to rising rents that will go up year after year is an enticement to BUY NOW.
Freddie Mac does a weekly national mortgage rate survey for rates for those with good credit. Last week January 6, 2022 rates rose to 3.22% for a 30 year mortgage, the highest since 2020. Rates may go up again this week per early indications.
Per Freddie Mac on January 6, 2022, "Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021. With higher inflation, promising economic growth and a tight labor market, we expect rates will continue to rise. The impact of higher rates on purchase demand remains modest so far given the current first-time homebuyer growth."
Primary Mortgage Market Survey®
U.S. weekly averages as of 01/06/2022
America is great in so many ways. Anyone can become President, Inventor, Athlete, Astronaunt, Doctor and accomplish their dreams of doing. However there is another dream of family and raising the next generation.
If you had to take the most common characteristic of an American, what would that be?
A Homeowner! The American Dream
That is right! A homeowner or the desire to be one someday is the American Dream. RISMEDIA reports that 67% of Americans live in owner occupied homes.
Home Sweet Home! The American Dream (Photo Pixabay) and you can paint any color you want!
The dream to do so is even greater. The front porch, the picket fence, the backyard cookout, Christmas mornings, marking the children's height on the walls, playing catch in the back yard.
Americans feel it is a goal to strive for. A place of belonging of family. A place to return to. A "Home" that they own.
The American Dream to own a home
Home Ownership is Good for America
Not only is home ownership an important "value" in America it is a significant contributor in our economy. RISMEDIA also reports that "housing is a key driver of our economy, accounting for 15% of our Gross Domestic Product in general. Research shows that for every home purchased, $60,000 is pumped into the economy for furniture, home improvements and related items. Plus homeowners pay 80-90% of individual federal income taxes, contributing to federal programs that benefit all Americans."
Home ownership is what America is all about (Photo Michelle Bryant- Pixabay)
At Active Rain my hosting site, we believe in Weltanschauung- Belief that Home Ownership is a positive force for the social good
At Active rain, and one of our guiding principles of " Weltanschauung" we believe that home ownership is a positive force for social good. ActiveRain is committed to empowering real estate professionals so they can help people achieve the dream of home ownership.
Baseball and Life...Object is to "Go Home"
Owning a home is good for us and for America. Baseball, hot dogs, apple pie and going "Home".
Dream Home in Sunny Arizona
Are you thinking of moving to Scottsdale or the great desert southwest? If so, check out homes for sale in Scottsdale
Meet Jeff Masich, Associate Broker, REALTOR® to purchase your Arizona Dream Home
Jeffrey Masich with the Arizona Homes and Land Group would be pleased to meet and represent you as a Buyer or Seller in Scottsdale, Paradise Valley and the Phoenix metro area.