Most in the real estate world thought that with a new president and other political changes that interest rates would have spiked, but they did not. The reality of the matter is rates bounced around initially, but have actually gone down when many thought the rates would have gone up. We have also seen some VA loans with some of the lowest rates in years. It’s not really worth quoting the rates within this blog since they change almost daily, but VA has been under 3.5% and conventional 30-year rates have been well under 4% as of lately.
Is this the Best Time to Buy Due to Rates?
Nobody can say with any certainty what will happen with the market or the rates, but I can tell you the rates won’t likely stay this low forever. If you have been considering buying, then this is the time. Inventory in Hawaii has been tight, but the home prices have been fairly stable and the rates are low, making this an optimum time to at least explore the possibility.
On the other front, the rental market has been exceedingly busy and the rates being charged seem to be on the rise. Usually, when you really compare the costs of rentals versus buying, you are better off buying. There is never a bad time to get more information and stay informed. I am more than happy to help answer any questions or help with the exploration of purchasing a property. Please contact me for more information.