Interest rates are at historic lows, which means now is a great time to buy.
If you’re in the market to buy a home, now is a great time to do so.
Why? Interest rates have dipped back down to historic lows. As of the end of August, the average rate for a 30-year conventional mortgage is 3.6%. In fact, one of my clients recently locked in a rate of 3.375% for a 30-year fixed mortgage on a vacation home here in Myrtle Beach. I don’t know how long these low rates will last, so take advantage of them now.
“Interest rates have dipped back down to historic lows.”
Low interest rates mean now is also a great time to refinance. If you bought a home last summer (which I did myself), you likely bought at a rate of around 5%. When refinancing, the general rule of thumb is this: If you’re staying in the home for at least a couple more years and you can save a point, it’s worth it.
For example, if your rate is 4.75% but you can drop down to 3.6% while keeping the fees at a minimum, it’s absolutely worth it to refinance.
If you need help with either buying or refinancing or you’d like to speak to a local lender, don’t hesitate to reach out to me. I’d be happy to help you.
At Keller Williams The Trembley Group, we pride ourselves on being the experts at more than just selling real estate. We are local residents, some of us have been here for a lifetime. The rest of us will be here until the end of time. We love living, working, and playing in the diverse backyard of Coastal Carolina, and look forward to helping you live and love your dreams soon too. Please reach out to us by phone or email for personalized service and one-on-one advice.