Following current trends, mortgage rates have fallen recently. This is following a downward dip that mortgage rates had already taken. This means rates are at an almost record hitting low in past history.
Freddie Mac, a mortgage company, stated that “the nationwide average for a 30-year mortgage declined to 3.59 percent from 3.66 percent last week.” This is the lowest the rates have been since May 2013.
A very common loan choice is the 15-year loan for those that are aiming to refinance. This rate has slimmed from 2.98 percent to 2.92 percent and that is just in the last week or so.
Not too long ago the going rate for a 30-year mortgage was at a 4.23 percent rate and the 15-year mortgage at 3.33 percent. An article from USA today has shared the fact that, “Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates.”
If inflation stays under the target rate the central bank has stated that there shouldn’t be an influx in rates. The USA article also revealed that, “The Fed sent a message last week that it will be "patient" in raising interest rates from record lows despite the steadily brightening outlook for the economy.”
Lower mortgages mean better opportunities for homebuyers that are looking to get into a new house. They might be looking for an upgraded house or simply their first family home.
Last year McCaleb Homes slashed their prices on many homes which made the opportunity for homebuyers who might have been looking for a lower priced home possible. A superior quality home for sale-like prices, the market opened up for the new homebuyers.
McCaleb homes also offers the tools to calculate what your monthly payment amount could be. Although just an estimation, you can still use this tool to calculate the going rates and start the process of getting into your new home.
Demand is now high and home prices are on the rise. Now is the time to get into your new McCaleb Homes!