Today's average mortgage rate still presents buyers with a great opportunity. The goal for a cheap monthly mortgage is lower mortgage rates. In 2021 we have seen record lows and will continue to see them in 2022. Even with a slight increase to averaging over 3%, that is still drastically lower than it has been over the last 5 years. If we want to compare that 3% interest rate average to the recent decades, the numbers are astounding. Record highs in the 1980's averaging 12.70%. The 1990's weren't too far behind averaging 8.12% and the 2000's averaging 6.27%. When we look back over the decades we can see that today's rate is truly outstanding by comparison.
I understand that missing out on the sub-3% mortgage rates we had in the early 2021 months is frustrating; but it is important to realize you are still able to take advantage of today's low rates. Buying now still makes sense, as the experts project that the rates will continue to rise over the next few months/years. As those rates creep up, it will cost more to purchase your dream home.
Buying a house is not only somewhere you and your family are going to call home, but a very smart financial investment for your future. To make sure you are getting the most out of your investment - it frequently comes down to timing. Right now with the low rates, you are able to buy a larger house with a cheaper monthly mortgage payment. Being able to buy more house sets you up to making a greater return when you end up selling. Here are some steps you can take to make sure you are ready to buy your house: -Calculate how much you can afford monthly -Save for a downpayment and closing costs -Get pre-approved for a mortgage
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