Did you know that when we bought our first home, our interest rate was astronomical compared to today’s rates?
It’s true. We usually invite homebuyers to ask their parents or their grandparents what their interest rate was when they bought their first home. If you try this, you’ll get numbers ranging from 8% to 18%.
We’re not that old, but we can tell you that, historically, a normal interest rate is between 8% and 11%. That sounds crazy these days, but that’s the reality. Last week, interest rates got moved up again, and they’re currently hovering around 5%. That’s still about half of what ours was for our first home.
The point is that there are still opportunities out there for you if you’re a homebuyer. Don’t let this talk about rising interest rates scare you. We’re still in a historically low interest rate environment and what we especially love about today’s interest rates is that they’ve helped us cut back from being a hyper seller’s market. In fact, more and more sellers are helping buyers get into homes by offering closing credits.
Don’t let this opportunity pass you by. If you lock in a great interest rate today, you’ll have it for the next 30 years.
We would love to help you find your new home and lock in a great interest rate, so if you’d like to talk more about this subject, don’t hesitate to give us a call or send us an email.
As always, if you have any other questions, feel free to reach out to us as well. We look forward to speaking with you.