If you're eyeing that "Home Sweet Home" sign, there is no reason to wait! Now that inflation is easing, mortgage rates are declining which is making many across the United States wondering if now is the right time to buy. Rates were nearly 8% and some of the highest rates the market has seen in years but now that they’re dropping, you’re all set to saving where it counts — your pocket book!
The Lowdown on 2024's Interest Rates
As of 2024, interest rates for new home buyers are falling, making your wallet do a happy dance! The 30-year rate has been falling for the past 10-weeks and is projected to continue decreasing. With mortgage rates being under 7% for the first time since May 2023, what are you waiting for? Take that next step to homeownership armed with the knowledge that you’ve finally gotten your golden ticket to your dream home.
Mortgage Rates and Monthly Payment
The rate on your mortgage can make a big difference in how much home you can afford and the size of your monthly payments. For example:
If you bought a $350,000 home and put down a 20% down payment ($70,000), you would end up with a loan balance of $280,000. For that $280,000 home loan with a fixed rate for 30 years, you would *likely pay the following:
- At a 7% interest rate, $1,865 in monthly payments (not including taxes, insurance, or HOA fees).
- At an 8% interest rate, $2,060 monthly payments (not including taxes, insurance, or HOA fees).
Unlock the best financing options for your home purchase by consulting with an experienced mortgage professional. Working with Consort's preferred lender, Central Bank of St. Louis, you have the opportunity to rate lock up to 6-months!
Sounds Pretty Good, Doesn’t It?
So if you’re ready to throw the towel in and make your dream home a reality, Consort has a selection of quick move-in homes available to purchase! With homes that range in size, price, and location, we’re sure to have the perfect home for you and your family. Don’t just take our word for it, hear it straight from our homeowners!
Ready to get started, contact us today for details on our homes or to schedule an appointment! We look forward to helping you start 2024 with your dream home.