This doesn’t surprise you, does it? You’ve kept up with the news; you know that mortgage rates are rising.
Just in case you need a little encouragement, we think right now is the moment to make your dreams of buying a new home a reality. Financial experts are consistently reporting that mortgage rates are on the rise. Not exactly what any of us want to hear, but, the news is still good – at least for now. An article in The Washington Post quoted Frank E. Nothaft, Freddie Mac Vice President and Chief Economist, as saying, “Rates are still low by historical standards.”1 A recent article in The Wall Street Journal concurred with this sentiment, noting, “Mortgage rates rise, but [are] still a bargain.”2
So what does this mean for you? While the general consensus is that mortgage rates will continue to rise, right now is not too late! You can get that beautiful new home you’ve been considering at a really low mortgage rate.
Take a look at how much you could save by buying at today’s rate of 3.98% versus waiting say, a year, if the rates went up by 1.0%.*
Mortgage amount: $200,000 over 30 years
Today’s Monthly Payment: $952.53/mo. = 3.98% interest rate
Higher (Hypothetical) Monthly Payment: $1071.20/month = 4.98% interest rate
That’s a difference of about $118 a month, or over $1,400 a year, and $42,000 over the course of a 30-year mortgage. We can think of a lot of fun things to do with that money, can’t you?
And you know how we’re always finding ways to make things simple for you? Here are two more:
- We have selected Wells Fargo Home Mortgage as our preferred mortgage lender – one of the nation’s leading residential mortgage lenders.
- We offer an exclusive Builder Best Program, which includes fantastic mortgage financing opportunities.
We know some of you out there have been thinking that the time is right to buy, and we wanted to let you know, you’re absolutely right! So come by and see us, give us a call, check us out online – whatever works for you. Just don’t put it off any longer.
A beautiful brand new home. A fantastic mortgage rate. That’s what we call simply happy.
DISCLAIMER: Rates subject to change without notice, and comparisons are hypothetical in nature, provided for educational and illustrative purposes only.