It is truly unbelievable that mortgage rates continue to remain below 4%. The 30-year mortgage rates averaged 3.87% last week – the 28th consecutive week with sub-4 percent rates. The 15-year mortgage rates averaged 3.11%.
Today, home buyers can purchase 10% “more home” than last year. So if you as a buyer qualified for a $400,000 home in June 2014, then you could probably afford $440,000 in today’s market.
If you think like me, you may want to know how that applies to you. Estimate that mortgages average $470/month for every $100,000. In addition, add HOA dues, property taxes and insurance. Some borrowers may need private mortgage insurance (PMI). I can help you find the HOA fees, estimated new property taxes and property insurance quotes.
I highly recommend to my buyers that they get pre-qualified or preferably pre-approved before looking for a home. It’s a fast moving market and they need to be ready to act.
It is a win-win time for both home buyers and sellers!!
I’d be happy to help you!! Please call me (561)827-2952 with questions.