Mortgage Rates by the Decade.
Here is your buying power today. I have spoken and closed with so many buyers who this time last year were frustrated with the market, being outbid and rates slowly moving higher. Some is still the same when it comes to the lack of homes to meet the buyer demand. But the mortgage rates on average are 1% or more, lower than this time last year. It is the lower rate that allowed so many who called it quits to extend their buying power and close on a new home purchase. Keep in mind you DO NOT need 20% down to purchase.
Many of us have heard family say, “I remember when rates were in the double digits”. Thankfully in my 20 years as a Loan Officer I have not experienced double digit rates but do remember rates tipping just over 7%. Now to see sub 3% rates is just amazing. Weather you have 3% or 20% as a down payment there are many loan options available. The key is making sure the financing meets your goals and budget.
Don’t let this intimidate you. It truly is a conversation between you and I to understand goals vs finances and discover what options are suitable. No need for an application or credit pulls.
If you want to understand your financing options check to see what day and time works best. I have my calendar attached here. Thank you, Keith