Waiting for Your Lower Mortgage Interest Rate Could Cost You!
From historic Charleston to quaint Summerville or bustling Goose Creek, the Lowcountry housing market is truly one for the record books. This blog post is going to show you WHY take advantage of your lower mortgage interest rate before it goes up again!
What’s the deal with mortgages now?
Over the past year, we’ve seen Charleston Lowcountry residents get their lowest mortgage interest rate in history. While those rates seemed to bottom out in January of this year, the golden window of opportunity for buyers isn’t over just yet. If you’re one of the buyers who worry they’ve missed out, rest assured today’s mortgage rates are still worth taking advantage of.
Even today, Lowcountry mortgage rates are below what they’ve been in recent decades. So, while you may not be able to lock in the rate your friend got recently, you’re still in a great position to secure a rate well below what your parents and even grandparents had in years past. Your key will be acting sooner rather than later.
In late September, mortgage rates ticked above 3% for the first time in months. And according to experts throughout the industry, mortgage rates are projected to continue rising in the months ahead.
Here’s where experts say rates are headed: While a projected half percentage point increase may not seem like a lot, it does have an impact when you’re buying a home. When rates rise even slightly, it affects how much you’ll pay month-to-month on your home loan.
The chart above shows how it works: In this example, if rates rise to 3.55%, you’ll pay an extra $100 each month on your monthly mortgage payment if you purchase a home around this time next year. That extra money can really add up over the life of a 15 or 30-year loan.
Should I buy?
For sure, today’s lower mortgage interest rates are worth taking advantage of before they climb further. The rates we’re seeing right now give you a unique opportunity to be able to buy a bigger, better home for your money while keeping your monthly payment down.
Bottom Line
Waiting for a lower mortgage interest rate could cost you. Experts project rates will continue to rise in the months ahead. Let’s connect so you can seize this opportunity before they increase further.
Even today in the Charleston Lowcountry, our mortgage rates are below what they’ve been in recent decades. The family in the photo above just closed on their new home last week, and had an INCREDIBLE rate! So, while you may not be able to lock in the rate your friend got recently, you’re still in a great position to secure a rate well below what your parents and even grandparents got in years past. The key will be acting sooner rather than later.
In late September, mortgage rates ticked above 3% for the first time in months. And according to experts throughout the industry, mortgage rates are projected to continue rising in the months ahead.
Here’s where experts say rates are headed: While a projected half percentage point increase may not seem substantial, it does have an impact when you’re buying a home. When rates rise even slightly, it affects how much you’ll pay month-to-month on your home loan.
The chart above shows how it works: In this example, if rates rise to 3.55%, you’ll pay an extra $100 each month on your monthly mortgage payment if you purchase a home around this time next year. That extra money can really add up over the life of a 15 or 30-year loan. That’s TWO nights out to dinner per month, or cuts into you being able to save up for your Christmas fund or vacay!
Today’s mortgage rates are worth taking advantage of before they climb even higher. The rates we’re seeing right now give you a unique opportunity to be able to buy a bigger and better home for a lower payment!
How do I get MY new home?
Waiting for a lower mortgage rate could cost you. Experts project rates will continue to rise in the months ahead. Call, text, or email me today so that we can get YOU in a gorgeous home while the interest rates are low!
Not ready to talk? Just wanna window shop the homes out there? Click HERE to search for homes! Just want to chat? You know, questions are free! Just click HERE to ask me a question, or call or text me at 843-300-2636. That is MY direct number!
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