Uncategorized February 24, 2023

Watching the mortgage interest rates???

Interest rates are not what they were last year, but I remember when people refinanced double-digit interest rates from loans closed in the 1980’s.  The interest rate is one factor to consider when buying and selling a home along with personal and financial goals and circumstances. Maybe your family is growing or you want to downsize, there are all kinds of reasons that people need a change. If you are considering buying or selling but are hesitant, call your mortgage broker or real estate professional with your questions to help you make your decision. And then do what is best for you.

There are several reasons why someone may choose to buy a home:

  1. Lock in a lower interest rate: If you believe that interest rates will continue to rise in the future, purchasing a home now may allow you to lock in a lower interest rate than you would be able to secure later. This can result in significant savings over the life of your mortgage.
  2. Asset appreciation: Historically, home prices tend to appreciate over time, even during periods of rising interest rates. By purchasing a home now, you may be able to take advantage of potential future price increases, which can help build wealth over time.
  3. Forced savings: Owning a home can be a form of forced savings. Each month, a portion of your mortgage payment goes towards paying down the principal balance of your loan, which can help you build equity in your home. This equity can be used in the future for things like home improvements or a down payment on your next home.
  4. Tax benefits: Homeownership comes with several tax benefits, including the ability to deduct mortgage interest and property taxes from your federal income taxes. These deductions can help offset some of the costs of homeownership, particularly in the early years when your mortgage payments are primarily interest.
  5. Stability and control: Owning a home can provide a sense of stability and control over your living situation. You can make changes to your home as you see fit, without having to get permission from a landlord, and you can feel secure knowing that you have a place to call your own.


Click the link below to check out the historical mortgage rates for the last 30 years.