I’ve written about how it’s been a fantastic time these past two years to buy a house or refinance your mortgage given historically low interest rates. Unfortunately, those rock-bottom rates are starting to rise. Based off the history of mortgages the rates are still very near all-time lows (check out the Freddie Mac historical chart below). That means that now more than ever, you should buy that house you’ve had your eye on!
If you were lucky to obtain one of those historic low rates a couple years ago, your home may be worth 40 to 50% more than when you purchased it based on where you are residing. It is an excellent time to obtain a consolidation loan or if you got an FHA loan it may interest you to change to an conventional loan and remove the PMI monthly premium. Bobby Bugz can help with all needs and the greatest part is it doesn’t cost anything to find out your options.
All of these factors signal that rates are still low and equity in your current home may be historically high. For those of you looking for a home, it’s best to buy sooner rather than later. While the housing market is still hot, these interest rates may not stay this low for long. Lock in a low rate while you can! If you have an existing mortgage, you should also consider refinancing if your newer rate would be lower than your existing one.
This mortgage environment will be tricky to navigate, so that’s why it’s important to have a qualified professional on your side. Bobby Bugz is a seasoned mortgage banker for PA and Jersey Shore residents/homebuyers. He’ll help you get the best rate on your home, at the best price!