Be Thankful You Don’t Have to Pay Mom and Dad’s Mortgage Interest Rates
It’s no secret mortgage interest rates vary from time to time, but we often forget to look at the bigger picture. Mortgage interest rates saw a huge peak in the 1980s and have generally had a downward trend since that time.
Mortgage interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018.
Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking to purchase and homeowners looking to refinance. Because when rates are lower, your buying power is stronger.
The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home.
Take a look at a historical view of interest rates over the last 45 years:
As you can see, historically rates have been much higher than they are now. Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago. Having a lower interest rate means you can afford more home, while still living within your means.
Take advantage of these remarkable stats while you still can, contact The Eusea Team in Fort Collins to lock in a historically low rate. We’ll help you understand what these low mortgage interest rates mean for you and your family! Contact us to get started.