One of the biggest factors for buyers in determining the right time to buy a home? Mortgage rates. Securing a low interest rate on your mortgage can save you tens of thousands of dollars over the course of your loan while buying when rates are high can cost you tens of thousands of dollars in interest.
So where, exactly, are mortgage rates in 2019—and what does that mean for buyers?
According to a recent article in REALTOR Magazine, mortgage rates have been steadily falling in 2019. Currently, the average rate for a 30-year fixed-rate mortgage is 4.28 percent—down .17 percent from this time last year (when the rates averaged 4.45 percent). Rates for 15-year fixed-rate mortgages have fallen even more; currently, the average rate for a 15-year fixed-rate mortgage is 3.71 percent—down a full .2 percent from March 2018 (when the rates averaged 3.91 percent).
If you’ve been thinking about buying a home, securing a mortgage when interest rates are low can save you a huge amount of money over the course of your loan—so now would be a great time to make a move.