Now is a great time to be a homebuyer! The current low mortgage rates are great news if you’re looking to buy a new home: the benchmark 30-year fixed-rate mortgage is still under 4 percent (as compared to 4.78 percent a year ago) These low mortgage rates generally track the direction of the 10-year Treasury note, which has fallen since mid-August. As a result, mortgage applications for home purchases are up 9 percent from a year ago.
As a homebuyer, that means that now is a great time to take advantage of these low borrowing rates!
Benefits of Owning a Home + Low Mortgage Rates
Buying a home is a big decision and not one that should be taken lightly. In addition to the current low interest rates, there are also many other benefits to owning a home:
- Homes typically increase in value, which will allow you to build equity and create an investment for your future
- Your costs are more predictable and stable than renting because they’re based on a fix-rate mortgage
- Your interest and property tax portions of your mortgage payment are tax-deductible
A low mortgage rate on top of all those benefits means you’re locked in at a lower payment. Here’s an example of how those payments could look:
If you’re interested in taking advantage of these low mortgage rates, we have several exciting new homes that are available for you! We’ve featured a few of our move-in ready homes that are currently available in our communities located in desirable areas such as Elk Grove, Lathrop, and Rocklin. We also have several new communities to consider such as Sutter Park in Sacramento and Whitney Ranch in Rocklin, as well as Whispering Canyon if you’re considering moving to Reno, Nevada.
If you have any questions or would like to tour any of our homes, we’d love to hear from you! Happy home buying!