Are you a potential homebuyer that is interested in Birmingham new homes, but are not sure if you can afford to have a mortgage? Well, the time to sign on the dotted line is officially here. Experts say that interest rates have recently hit record lows and will probably begin to rise within the year.
According to an article on Housing Wire, government-backed mortgage company, Freddie Mac, found in its most recent survey that rates for a 30 year mortgage hit bottom at 3.89 percent, compared to 4.71 percent a year ago. However, many economists predict that rates will soon begin to rise.
While rising rates are still low compared to the historical standards of the past two decades, new homebuyers should still act fast to make sure they secure the best rate to fit their needs. Higher rates will mean higher monthly payments for homebuyers taking out new mortgages.
And, in a recent article on Bankrate.com, Michael Moskowitz, president of Equity Now, a mortgage bank in New York City says, “I advise my clients to be prudent. If you are getting a good enough deal now, don’t bet on the future.”
If you’re ready to purchase a new home before interest rates begin to climb, then give us a call. As a trusted Birmingham home builder, we have new homes to fit every buyer’s needs with three to four bedroom homes priced from the low $100’s to mid $200’s in four great communities throughout the Birmingham area.
We even offer a mortgage calculator so that you can get an idea of what your payment might be on a particular loan. Of course, you should always consult a licensed mortgage professional before obtaining a home loan.
For more information on Harris Doyle Homes please visit http://www.harrisdoyle.com.