Home Buying Is Affordable Right Now
We would never say we are glad the housing market crash happened, but it did have one distinct benefit. In the aftermath of the housing bubble bursting, mortgage interest rates dropped significantly. Today, even as the economy makes a full recovery, those rates have stayed at historic lows, making it more affordable than ever for Americans to become homeowners.
Experts predict that these rates will gradually climb over the course of 2015, but for now they remain relatively fixed. This means that home buying is staying consistently affordable, at least for the time being. Last week’s report from Freddie Mac shows the following:
- 15-year fixed-rate mortgages came in at an average of 2.94 percent, up just slightly from the 2.93 percent average from the week prior. This time last year, these rates averaged at 3.33 percent.
- 30-year fixed-rate mortgages also increased by just .01 percent from the previous week, up to 3.67 percent. That is notably less than last year’s 4.27 average in mid-April.
- 5-year hybrid adjustable-rate mortgages averaged at 2.88 percent, a slight jump from last week’s average of 2.83 percent. At this point in 2014, the average was 3.03 percent.
Whether you are hoping to become a first-time homeowner or upgrade to your perfect house, now is the time! The historically low mortgage rates can make it possible for you to bring all of your homeownership dreams to life.
An expert can help guide you towards the best time to buy to help you get the most house for your money. If you want to work with a team dedicated to helping you get the most house with the lowest mortgage rates, contact John & Michelle. We are keeping our finger on the pulse of the current rates so we can help you capitalize on lows in Chino Hills and the rest of California.