Mortgage Interest rates can be like playing the lottery. You just know that the one week you don’t buy a ticket is the week your numbers will be drawn. So, dare you wait for them to drop?
Many experts predict that they will rise sooner rather than later, and as interest rates inch up to past levels, the overall cost of owning your dream home moves with it. This one factor is a compelling reason that the time to buy is now. That way, your money is going into the equity in your home rather than into a banker’s pockets.
When the housing market took a nosedive about eight years ago, the Fed pushed borrowing rates to record lows to help the housing market rebound by making it more affordable to own a home. It works.
The average selling price of a single-family home this summer has climbed out of the hole dug by the housing bust. Home prices have bounced back more than 50 percent since bottoming out in early 2012.
But some home prices haven’t come back as fast, even as mortgage rates move up. That is the sweet spot signaling you to buy.
Even though China is on the other side of the world, economic disruption abroad can indeed affect interest rates here in the Quad Cities. The Federal Home Loan Mortgage Corp recently reported a rise in the average fixed mortgage rates despite the volatility in the market.
For savvy homebuyers who lock in today’s rates now, the cost of homeownership is still pretty affordable. The operative word is now. And now is the best time to contact Realty Executives of Northern Arizona, with nine separate offices represented by 130 real estate professionals. Trust them to help you get the best home at the best interest rates. Learn more online at www.realtyexecutivesaz.com. QCBN
By Don Bonnell, Realty Executives of Northern Arizona