The time is right to refinance or or take out a new mortgage loan
Mortgage interest rates near all-time low
Amid the economic impacts of the COVID-19 pandemic, mortgage interest rates have been dropping since March 2020. In the first week of 2021, rates fell to the lowest point ever, at 2.65 percent. Rates have hovered around record lows, at 2.73 percent in the first week of February 2021. Rates have been under 2.8 percent since November 2020.
If you've been on the fence about becoming a homeowner - or waiting to re-finance your existing mortgage - now is the time to act, while current rates provide an extra shot of buying power.
Lower interest rates = smaller monthly payments
Because interest rates have a direct effect on monthly mortgage payments, a change in rates can make a difference in how much money you can borrow. For example, at an interest rate of 4%, the monthly payment on a $600,000 home (with a 20 percent down payment) would be $2,290. On the other hand, at an interest rate of 3%, the monthly payment for that same home would be $2,020. That's a difference of $270 a month, or $3,240 a year!
Low interest rates good for sellers, too
Record-low interest rates are good news for home sellers, too. Lower interest rates may signal increased foot traffic (or virtual foot traffic!) from homebuyers this year. So, if you're a home seller, now is the time - together with your Realtor® - to ensure that your home is well-positioned in the market to attract the most buyers possible.
If you're ready to purchase your first home, move up to a new home or refinance your current mortgage, it's time to take advantage of near record-low rates. If you haven't already, you'll want to speak to a loan officer about your mortgage loan options. Your Locations Realtor® can help connect you to a loan officer who can best advise you on your next move.
Over time, investing in a home - particularly in a high-value market like Hawaii - is a solid bet. Near record-low interest rates, at least for now, make owning a home in Hawaii today an even smarter move.
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