If you’ve been waiting for the right time to buy a home or refinance, now might be your chance. Mortgage rates have hit their lowest point so far this year, bringing a wave of opportunity for both buyers and homeowners.
Here’s what this drop means for you and why it could be time to take action.
Lower Rates = More Buying Power
When mortgage rates decline, your monthly payment decreases, allowing you to afford more home for the same budget. Here’s an example:
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At a 7% interest rate, a $400,000 mortgage has a monthly principal and interest payment of about $2,660.
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At a 6.5% interest rate, that payment drops to $2,528—a savings of over $1,500 per year.
Even a small shift in rates can make a big impact on affordability.
Refinancing Could Save You Thousands
If you already own a home with a higher interest rate, now may be the time to explore refinancing. Locking in a lower rate could mean lower monthly payments, reduced interest over time, and even an opportunity to tap into your home equity.
The Market Could Get More Competitive
With lower rates, more buyers are likely to enter the market, which could lead to increased competition. Acting now may give you an edge before demand pushes prices or rates back up.
Is Now the Right Time for You?
Whether you’re a first-time buyer, move-up buyer, or homeowner considering refinancing, the current rate environment could work in your favor. If you’re ready to explore your options, let’s connect and take advantage of today’s low rates before they change!
🏡💰 Ready to get started? Let’s talk!
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