Mortgage Rates Hit New Lows

Mortgage rates have hit new lows recently. As of the writing of this post, the interest rate for a 30 year fixed-rate mortgage loan is 3.79%, keeping it well below the 4% we've seen for the past several months. The interest rate for 15 year fixed-rate mortgages also dipped slightly to 3.04%. What does this all mean for the Parkland real estate market? If you have excellent credit (730+, depending on which type of loan you get), you may qualify for these exceptional interest rates.

While 30 year fixed-rate mortgages (where your interest rate doesn't change for the life of your loan) continue to be the most popular with Parkland homeowners, some have opted to go with a 15 year fixed-rate loan. This allows them to pay off their Parkland home faster by paying a little bit more every month. A 30 year adjustable rate mortgage can be used to initially get into a home with a lower payment, but tends to increaseover the first five years, depending on the state of interest rates at the time their annual adjustment is due. Talk to your real estate professional to see which loan would be more appropriate for your situation. Even if your credit isn't "excellent", with a decent down payment and good credit, you can be the proud owner of a Heron Bay, Parkland or Coral Springs home with a good, if slightly higher than excellent interest rate.

Mortgage rates hitting new lows is good news for anyone interested in purchasing a Parkland area home. The prices are still excellent, there are several great types of homes available for sale and the time is right for you to start looking for your perfect property now. When you are ready to buy, please give me a call at (954) 816-0232. As one of the top REALTORS® in Parkland and Coral Springs, why would you want to hire anyone else?

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If you have questions about Somerset or any other , please call Salma Dhanji at (954) 816-0232.