Let’s be perfectly honest, interest rates can be a tricky and a somewhat unpleasant subject. They’re constantly changing, but we’re here to ease your mind and show you that interest rates aren’t actually all that intimidating!
We teamed up with a few of our local preferred lenders so they could help us make sense of this interest rate conundrum and show us why now, is still the perfect time to buy a home!
Here are a few Q&As we thought would be helpful in your mortgage interest rate search:
What do current interest rates look like?
Although interest rates have risen from historic lows we witnessed a few years ago, we are still in a market for very low interest rates. What a relief! Interest rates start as low as 4% depending on your loan type, credit score, down payment, loan amount, etc.
Will there be an increase in the near future?
Interest rates are predicted to stay steady, and no drastic increases are expected.
How are interest rates determined?
Keep in mind, interest rates are just like your favorite cake, they can be unpredictable – it’s hard to know if they are going to rise or fall based on the temperature. In this case, the temperature is based on the bond market, stock market, federal rates, political policies, and economic data like the supply and demand for credit.
Is now actually a good time to purchase a home?
Here’s the good news – don’t give up on that home you’ve been dreaming about! It is always a good time to purchase a home, especially in today’s market! Homeowners build equity monthly. As a renter, there is no return on your investment. Buying a home is one of the biggest investments you can make, but it also has the greatest return when it is time to sell.
Now that you know your dream to own a home can be a reality, it’s time to chase it! So, where do you buy your new home? Don’t worry, we know someone!
Interest rates vary throughout Texas. This information is from mortgage lenders located in: Amarillo, Lubbock, Midland, and Odessa.