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 worried that you may have missed the best deals, consider this week your second chance. It’s the biggest one-week drop in rates in more than 3 months.
We expect a new round of buyers to enter the market this fall. Home buyers are looking for the best possible home value and low mortgage rates. Home prices in St. Charles start to drop a little bit in the fall, so if purchasing a home makes sense for you right now, it really has never been a better time to buy.
If you’re thinking of buying a home you need to get pre-approved so you know how much home you can comfortably afford. A pre-approval gives you leverage with a seller who recognizes you will be approved for a loan. To get pre-approved or to discuss whether you will qualify for a mortgage, 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