Over the past year, we’ve been spoiled with mortgage interest rates at rock bottom levels we’ve never seen before. Recently though, toward the end of September, rates increased. Don’t panic… You haven’t missed your opportunity to save with a low rate… Yet. While the days of waiting for a lower rate are behind us, today’s mortgage interest rates are still historically low and very much worth taking advantage of.

Low interest rates provide more opportunity for buyers. By locking in a low interest rate, buyers have the chance to save a substantial amount of money over the life of their loan. Low interest rates also give home buyers more purchasing power; when interest rates are this low, your dollar stretches further making you able to afford more than you might think. Lastly, buying now will put buyers in a position of building equity while home values appreciate. 

Not looking to buy? Refinancing is also a great way to cut back on your housing expenses while the cost of other goods and services are on the rise. Of course, potential savings depend on each unique situation; but all in all, if you are looking to shorten your term, consolidate debt, make home improvements or take cash out… Now may be the time.

Don’t wait for what may not come. Take control today and lock in a low rate through a purchase or refinance. Check out these tools you can use to review a possible refinance or preview your next potential home purchase and be sure to connect with a Cambria Mortgage professional to talk more in-depth about your options today! 952-942-0110 / CambriaMortgage.com. We look forward to assisting you!

Sources:

Freddie Mac. (2021, October 21). Primary Mortgage Market Survey. Freddie Mac. Retrieved October 21, 2021, from http://www.freddiemac.com/pmms/.

KCM Crew. (2021, October 8). Don’t wait for a lower mortgage rate – it could cost you. Keeping Current Matters. Retrieved October 21, 2021, from https://www.keepingcurrentmatters.com/2021/10/12/dont-wait-for-a-lower-mortgage-rate-it-could-cost-you/.