fbpx
Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

By now, historically low mortgage rates probably don’t seem like news anymore. The week of July 16 the average 30-year fixed rate declined for the third week in a row, falling to 2.98%*, which is the lowest rate on record since Freddie Mac began tracking rates in 1971.

If you’re in the market for a new home, you know that lower rates mean lower monthly mortgage payments. As rates decline, buying a home becomes more affordable. That dream house you had your eye on a month or two ago that was just out of your reach financially might be within your budget today. Or maybe you found a house in a great neighborhood and the perfect school district that needed a little updating you couldn’t afford when rates were higher.

With lower rates, you can often get more for your money or afford to put more money into a house that needs a little TLC. For example, if you buy a $450,000 house at an interest rate of 4.5% (5.009% APR) and put 10% down, your monthly principal and interest (P&I) payment would be just over $2,052. But if you bought the same house and had a mortgage rate of 3.0% (3.416% APR), your monthly P&I would decrease to about $1,707. That’s more than a $300 difference you could use to buy a more expensive home or make renovations to a fixer upper.

We don’t know how long rates are going to stay this low. So, if you’ve been thinking about buying a house, now could be a good time to lock in your rate and avoid paying more in interest. Or, if you already have the home of your dreams, you could take advantage of historically low rates to refinance and free up extra cash you can use for other things.

Whether you want to buy or refinance, your HFG Licensed Mortgage Professional is ready to help you get started today.

*Source: www.freddiemac.com/pmms. Actual rates depend on many factors, including credit score, LTV, transaction and property type, discount points and occupancy.

How can we help?