We have some exciting news to share with you today. Recently, the interest rates took a second dip. Last year, they were around 5%, but have dropped to under 4% since.
What does this mean for you as a buyer? More power! If interest rates drop 1%, it increases your affordability by 10%. If you were approved for $300,000 last year, you can afford up to $330,000 now while maintaining the same monthly payment.
This is great news if you have been on the fence about home buying. From what we’ve heard, these low rates should remain steady until the end of the year. This will allow you to buy a home and file for your homestead exemption by the end of the year.
If you have any questions for us about interest rates, home buying, or real estate in general, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.