If you have been keeping up with real estate news, you probably have found out that mortgage rates are going up not just in Florida but across the country. This trend is expected to continue in the next few years. What does this mean to new home buyers? Well, for those who are planning to buy a new home, this could be the time to find the best home purchase deals. Please note, however, that while the interest rates are relatively low, they could go significantly higher in the next few years.
If you are one of those who are planning to buy a new house in Florida, work on it today before mortgage rates go up. HomePlus can help you in mortgage goal. We provide competitive mortgage rates not just for clients in Florida, but across different states. Our access to a wide network of lenders provides a key to getting the best deals in town. So, seize the opportunity while it lasts.
How mortgage rates have changed since 2007
If you can recall, mortgage rates went as high as 6.4% in 2007. Today, the interest rates are between 3.52% and 4.38% across various loan types. Think of how interest rates could change in just a short span of time based on these changes. Today, indicators suggest that now is the best time to buy wherein mortgage rates are relatively low. Do it before interest rates become too high that you can no longer afford it.
Here at HomePlus, with the goal of helping you make the right decision, we are giving you some useful information about things that affect mortgage rates. In particular, we provide insights regarding the two factors that influence buying decision: Interest rates and the timing.
On interest rates:
- Majority of home buyers need to apply for a loan when making a new purchase. It is highly likely that you need it too. Get a mortgage loan to take advantage of low interest rates today.
- Check out 30-year fixed mortgage rates prior to house purchase; 30-year mortgage rate sits at around 4.5% these days.
- Mortgage rates fluctuate, which is why timing is really important to get your dream house.
- The mortgage market environment has kept home buying affordable, despite the fact that home prices are rising not just in Florida, but across different states in the country.
- Various forecasts suggest that mortgage rates will continue to rise in the next few years. It makes sense to buy today before the rise of interest rates will render you an I-can-no-longer-afford-it person.
On the best buying season:
Apart from interest rates, the season also dictates property deals. Well, the reason is pretty simple – supply and demand. So, watch out for the best season of a year prior to purchase, and here are useful some insights:
- History has shown that the best time in a year to purchase a new house is between the late fall and early winter. Again, this is due to supply and demand.
- Starter home inventory increase 7% between the month of October and November
- Inventory drops in popular moving months, such as in the time of spring and summer; the lack of inventory affects the price by making it more expensive
- It is a smart decision to find prospective properties in the fall and then wait until winter to make an offer
Have more questions about getting the best deal on mortgage? Contact HomePlus today at: 800-810-PLUS (7587)