Home has never meant more than it does right now. And with interest rates currently dropping to historic lows, now may be a great time to buy a new home. The average rate for a 30-year fixed mortgage decreased in March 2020. And interest rates are predicted to go even lower for a short time.
Read on to learn more about how lower interest rates could help you move into the home of your dreams.
Enjoy lower monthly payments.
When you purchase a home, you’re likely taking out a mortgage. And having a low mortgage interest rate translates to a lower monthly payment for you, giving you more buying power. Plus, with a lower monthly payment, you may be able to buy that new Embassy Home you’ve been looking at sooner than you think.
Experience a smoother transition from renting.
What do lower interest rates mean for first-time homebuyers who are switching from renting? It means that your mortgage payments could be similar to what you’re paying in rent right now. And, as a first-time homebuyer, that would make it an easier transition into having a mortgage. Homeownership may be closer than you think!
Have more money to put toward personalization.
Saving money on your mortgage payments means you’ll have the chance to put more toward personalization and design. And with the Embassy Homes Design Studio, our team of experts can help you make your dream home a reality. Maybe you need more furniture for your new home or you’re dreaming of creating the ultimate entertaining space in your backyard. Whatever you want to do to customize your new home, lower monthly mortgage payments can help.
Pre-qualify for a home loan today.
Given the current health and economic climates, these low interest rates could change at any time.