Mortgage rates are at record lows, and that’s great for today’s homebuyers. When rates are low, in general, you can afford a lot more home for your money. Here’s what experts across the industry have to say about the incredible opportunity today’s low rates present to buyers.
Sam Khater, Chief Economist at Freddie Mac, points out the historic nature of today’s rates:
“As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all time.”
Mark Fleming, Chief Economist at First American, talks about how rates impact a buyer’s bottom line:
“Mortgage rates are generally the same across the country, so a decline in mortgage rates boosts affordability equally in each market.”
Danielle Hale, Chief Economist at realtor.com, also notes the significance of today’s low rates and urges buyers to carefully consider their timing:
“Those who haven’t yet taken advantage of low rates to buy a home or refinance still have the opportunity to do so this summer.”
Hale goes on to say that buyers who don’t act soon could see higher rates in the coming months, negatively impacting their purchasing power:
“We expect mortgage rates to fluctuate near historic lows through the summer before beginning to climb this fall.”
Interest rates have an influence on your monthly mortgage payment. Even the slightest fluctuation can make a difference. Mortgage rates today are still relatively low, so these rates are worth taking advantage of and capitalizing on.
Waiting could prove costly when that happens. Contact The Aaronson Group at 949-388-5194 or email@example.com to discuss today’s rates and determine if now’s the time for you to buy.