Does anyone disagree that mortgage rates are probably one of the most annoying things about owning a home? They’ve gotta be in the top five. Getting together the money for home financing is stressful enough, but interest rates on loans that seem to go up and down at a whim – drastically altering how much money you’ll have to sink into your house on a monthly basis for a couple of decades – adds a whole new wrinkle to the home buying process.
Like anything to do with the real estate market, you want to get in while the numbers are low, especially first time buyers who may not have the capital or credit to endure high-rate mortgages. So if you’re out on the market now for a new home, you’re in luck – mortgage rates are down!
According to Freddie Mac, one of the country’s two major mortgage institutions, interest rates on your average 30-year loan have fallen after two consecutive weeks of increasing, down to a new level of 4.22 percent, which is among the cheapest they’ve been in over six months! In the grand scheme of things, even when interest rates were on the upswing earlier this year, they were still pretty low historically, but now they’re at especially affordable levels.
This is great news for both veteran and first time home buyers who have been waiting for their chance to swoop in on the market when prices were just right. And since most economists seem to think that these low levels won’t last for long, it’s probably smarter to act sooner rather than later.
If you want to take advantage of these cheaper rates and are looking for homes for sale in the Salt Lake City real estate market, hit us up! Muve Real Estate can show you around some of the biggest and best houses in Salt Lake City.