If you are planning to buy a home in 2021, there are a few steps to take to prepare yourself. The first step is speaking with your trusted local Realtor (me!) to help you formulate your plan! You also want to be preparing financially and that includes paying attention to the current mortgage rates.
Mortgage interest rates determine your monthly payments over the life of the loan. The slightest difference in rates can drive your monthly payments up or down, and that can mean the difference of thousands of dollars in interest over the loan’s term. Knowing how these rates factor into your loan pricing will help you better evaluate lender estimates.
As mortgage applications are rising, the rates continue to drop. Just when we thought we saw the lowest rates in 2020, we are seeing even lower ones now in the new year. As of the last week of January, rates were as low as 2.93% for the average 30-year fixed mortgage rate and 2.37% for a 15-year fixed mortgage rate.
I understand mortgages and loans can be confusing to many people and that’s why I am here to help you! I have a trusted network of partners that will guide you every step of the way during the process of buying your home – and that includes highly experienced mortgage lenders!
Let’s connect and discuss how we can make 2021 the year you find your dream home!