If you’ve been thinking about buying a home but haven’t the last few years, the wait may have been worth it. Mortgage interest rates on 30 year loans dropped further to just 3.59% this week. That is the lowest interest rates on 30 year loans that have been available since 2013.
Interest rates have been moving down all year in a time when they are supposed to be increasing. The federal government released aggressive forecasts prior to 2016 that rates would be rising substantially all this year. Instead, due to economic uncertainty abroad coupled with a careful watch on domestic economic factors, the Fed has kept strict controls on any rate increases in place.
If you’re a prepared home buyer, you can secure 30 years of mortgage payments at 1 low rate, depending on which week you actually purchase. “If you’re seriously considering buying but haven’t taken the time to get ready, we offer a fast track to smart ownership – our UrbanLand Company Home Buyer Workshops give you the tools & info you need to make a strategic move, including how to use $0 Down / easy 100% financing programs that DC offers,” concluded DiRuggiero.
Home buyers have been taking notice of the dips in rates. “The rates result in a lower monthly mortgage payment than expected, and these drops in rates counter-balance fees and administrative costs that are a part of 100% financing loans like DC Open Doors,” said Gerard. “The continued low interest rates have created a buying frenzy in our Home Buyer Workshops. We’ve now sold and settled 23 homes and condos since January 1 with first time home buyers.”
UrbanLand Company Home Buyer Workshops are held twice weekly, on Tuesday nights and Saturday mornings, at 913 Florida Ave. NW. Our next upcoming free Workshops dates are listed below. If you’d like to attend, send us an email to RSVP.
Our popular Home Buyer Workshops deal with programs like the DC Open Doors $0 Down Program, how to understand the effects of interest rates on your affordability, and how to win at the offer table in a competitive market like DC/MD/VA.