Borrowing is Still Cheap! The average 30-year fixed mortgage rate is just 3.96%
According to Freddie Mac, the average rate for a 30-year fixed mortgage is 3.96% as of July 6. Coupled with rising home prices, this means that it has never been a better time to purchase or invest in Real Estate.
But these rates won’t hold forever! According to Frank Nothalf, who is the chief economist of CoreLogic, these mortgage rates are expected to rise above 4% by the end of 2017, and above 5% by the end of 2018.
While a mortgage rate of 5% is still very affordable, who wouldn’t like to save a point or more on a 30-year mortgage? Think about it; a one percent difference in the life of a 30-year mortgage for a loan of $300K is over $64K! Imagine what you could buy with such savings…
The clock is ticking and with each passing hour, you may also be passing on the opportunity to save tons of money on your mortgage. At Florida Connexion Properties, we work with a variety of partners specialized in mortgage solutions who could help you to find the best rate. Contact us today and we will guide you through the entire real estate process.