Sometimes, uncertainty can be a good thing. This is especially true if your neighbors happen to be uncertain.I’m sure you’ve heard by now about the U.K. deciding to leave the European Union earlier this summer. This event was called ‘Brexit.’ What it did was create lots of uncertainty and worry over in Europe. However, it’s been great for both mortgage rates and the real estate market in general here in the U.S.
People across the sea and all over the world were looking for safer places to put their money. This pushed our low mortgage rates even lower. In fact, right now, we have the second-lowest mortgage rates in the history of the country. You can get a 30-year mortgage for about 3.5% or less, depending on your credit.
All in all, if you're thinking about buying a house, now is a great time. If mortgage rates are down by 1%, you can buy a 10% more expensive home. You can also buy the same home for 10% less per month than what you would pay if the mortgage rates jumped to 4.5%. If they rise back up to 5.5%, which is still a great rate, you can buy a house for 20% less per month right now.
This is also a great time if you’re thinking about selling your house. With these low interest rates, we’re seeing lots of buyers in the market. They’re taking advantage of this situation, but we don’t know how long that will last. We’re seeing lots of inventory being gobbled up and prices are increasing.
If you’re thinking of buying or selling a house, please give us a call or send us an email. We look forward to hearing from you!
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