The interest rate you secure on your mortgage can have a dramatic impact on the total amount you pay for your home over the course of your loan. A low interest rate can bring down your monthly payment and save you tens of thousands of dollars over the course of your loan—while a high interest rate can make your monthly payment skyrocket, making the purchase of your home far more expensive than planned.
That’s why buying a home when mortgage rates are low is such a smart investment. And if you want to secure a low interest rate, now is a great time to make a move.
According to a recent article in Realtor Magazine, in the week ending June 27, 2019, mortgage rates for a 30-year, fixed-rate mortgage dropped to an average of 3.73%—the lowest average since November 2016. Interest rates for 15-year, fixed-rate mortgages are also down significantly—from 4.04% last year to the current average rate of 3.16%.
Securing these low interest rates can save you an incredible amount of money over the course of your mortgage. So if you’ve been thinking about purchasing a home, now is the time to act.