You may have seen that mortgage rates were gradually creeping up, but this week mortgage rates in Batavia, IL dropped to near historic lows. If you’re thinking of purchasing a home you can now get a mortgage for as low as 3.47% . Since Batavia home prices begin to drop in the fall and many sellers will contribute to closing costs, there may never have been a better time for you to buy a home.
One year ago, the 30-year fixed rate mortgage rate averaged 4.22%. Today, the national average is 3.59%. The difference gives a $36 monthly savings per $100,000 borrowed. On a $250,000 mortgage, that’s $1,080 in savings per year.
If watched mortgage rates rise through August and wondered if you missed the bottom, consider this week your second chance. It’s the biggest one-week drop in rates in more than 3 months.
If you’re thinking of buying a home you need to get pre-approved so you know how much home you can comfortably afford. This gives you significant buying power with a seller who recognizes you will be approved for a loan. To get pre-approved or to discuss your financial situation, please call a loan officer with a solid track record of client service. Two of my favorites are:
Dan Cowart Baird&Warner Financial Service (630)677-5353 See Website
Brian Dempsey Bank of America (630)338-4104 See Website