If you’re on the fence about buying a home, listen up! Industry experts have a lot of positive things to say about today’s home buying climate.
For starters, mortgage rates remain near historic lows. Even though rates are expected to rise next year, the increase is expected to be a fairly moderate one. The Mortgage Bankers Association expects the average rate on a 30-year, fixed rate mortgage to rise slowly to 5.1 percent by the end of 2015. That’s still low by historical standards! (Anyone remember the double-digit mortgage rates of the 1980s?) In addition, in many markets nationwide, buying a home remains cheaper than renting.
Whether buying a home makes more sense than renting for you and your family, however, depends on many different factors, such as how long you plan to be in your home. If you plan on moving in less than a year, buying a home probably doesn’t make a lot of financial sense. If you plan to live in your home for a longer period of time, buying could make much more sense than renting. Questions? Let us help you make sense of today’s headlines and determine whether it’s the right time for you and your family to buy your own Home Sweet Home!