As the temperature continues to rise, mortgage interest rates continue to go down. Rates on 30 year mortgages dropped to just 3.41% this week. Rates are now just slightly above their lowest level in history (reached in 2012).
International economic events continue to keep the rates pushed down for US home buyers. This time it is the exit of Britain from the European Union that has caused the drop. “Home buyers here in the DC/MD/VA area can really benefit from these times of international unrest,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “The exit of Britain joins economic issues in China and Greece in late 2015 as major reasons why our interest rates have stayed so low. 2016 was a year that interest rates were supposed to rise significantly, and the opposite has occurred. This is a great time to look hard at stopping renting and taking advantage of the low cost of borrowing money.”
The summer is a great time to start buying a home. There’s less buyers in the market and that means less competition for you and your agent when you’re pursuing a home, rowhome or condo. “Less competition helps a huge deal when you’re using 100% financing ($0 Down) or FHA financing programs,” said DiRuggiero. “You have to control your home spending in order to offset the higher monthly mortgage payments caused by down payment assistance loans. Less competition in the summer means you may be able to avoid the bidding war that occurs on desirable properties – this is a time of year when you can buy a home without paying obscene amounts over it’s listing price!”
The best way to get started is to join us at our popular First Time Home Buyer Workshops twice a week. We meet Tuesday nights at 5:30pm and Saturday mornings at 10am where we introduce $0 Down and subsidized down payment programs, and show you how to use the financing strategically in the local real estate market. We’re real estate agents and can smoothly transition you into actually buying and owning a home or condo if you can follow our playbook!
UrbanLand Company Home Buyer Workshops have produced over $26 million in purchased homes since 2014 for DC and Maryland residents, many of which are $0 Down or low down payment loans. To find out next Workshop dates, RSVP here. Workshops are FREE of charge and are held at 913 Florida Ave. NW. near the U Street METRO.
Here’s some of the homes we’ve sold to Workshop attendees!