Last week 30 year fixed mortgage rates dipped below an average of 4% and we are currently seeing the lowest rates since the beginning of 2018.
The highest average 30 year fixed rate last year was 4.87% in November, so there has been a considerable reduction since then.
If you are still renting then, at the very least, it could be worth your while checking out the affordability of owning a home.
Home ownership has so many significant benefits, in comparison with being stuck in the renting cycle.
Above all, having a fixed rate mortgage enables you to control your housing costs for the entire life of the home loan, after which there will be no more payments.
Renting means paying forever and, inevitably, rents will rise as they have always done, not least due to inflation and continuing high demand.
A home is arguably one of the best investments there is. Here in Iron County, we've seen considerable price growth in recent years, which means a very positive equity position for most home owners. And if you've been paying rent every month, you've actually been financing your landlord's growing equity, with no direct benefit to you...
Renting also means many restrictions on what you can do with the property. Home ownership creates your own canvas and you are free to do whatever you wish, including having pets that might not be allowed, or attract a high extra monthly fee, with your current rental.
Landlords are free to decide to do something else with their property, or simply not renew your contract, and you can be forced to look for a new home, often at short notice. A home of your own creates total security, which can be even more important as you age and the upheaval of moving can be a daunting prospect.
It's so worth exploring the possibilities of finally getting a place of our own. Why not get in touch with us today for an informal chat about your situation. We can also put you in touch with the best mortgage professionals in the area, who can work with you to see what might be feasible for you.