I don’t know about you, but I can remember when interest rates were 18%. Seriously. Of course, they’ve trended down considerably since the late ’70s. Even if you don’t remember when they were double digits, I bet you remember when we all thought a 4% interest rate was pretty phenomenal. We were all pretty happy when they hit a low of 3%, too. But, believe it or not, one of my clients just locked in a 30-year mortgage at 2.25%! That’s right – 2.25%. Unbelievable!
If you are looking to buy, I can’t imagine there is a better time to get a mortgage. Even if prices drop considerably due to COVID-19 and the economic fall-out, the costs of funds make buying now a pretty good proposition. Caveat—if you are an all-cash buyer, it might be wise to wait until there are better opportunities on the horizon. Of course, no one really knows where the market is headed. But, I think we can all agree that interest rates below 3% are attractive. Very attractive. And, they are definitely an incentive to purchase a home.
My first-time, VA buyer clients are ecstatic. And, I’m super happy for them. Knowing that they will be getting into a sweet home of their choice at an affordable rate gives me great pleasure.
I want to give a big shout out to Nicky Cruz with Element Mortgage (NMLS 1460132), #808-223-0535. Nicky made sure our mutual clients locked in their rate at just the right time. Working with a good lender is paramount to securing the best mortgage terms and rates. It’s also paramount to securing your dream property. It truly takes a team to accomplish a positive outcome. So, if you are in the market, be sure to work with a qualified lender and a professional Realtor.
I’m still a bit in awe of a 2.25% rate. Perhaps a wee bit jealous, too. Actually, I couldn’t be more pleased. Thank you, Nicky. Job well done!