Did you know the average mortgage rate fell yesterday? This was a predicted decline and a step in the right direction for building a new home!
With interest rates dropping, there’s NEVER been a better time to build your new dream home. It’s obvious that interest rates can change at any time. So, getting a great deal while interest rates are low is a smart move for people considering a new home, or building a new home.
Take a look at the interest rates as provided by Wells Fargo and the National Home-Builders Association below:
30-Year Fixed: 3.875% – APR 3.989%
15-Year Fixed: 3.125% – APR 3.343%
7-Year ARM: 3.500% – APR 4.241%
*These rates are a snapshot from Wells Fargo.*The National Home Builders Association provides a valuable resource to those people who are considering building a home.
While interest rates have started to climb back up from 2 or so years ago, the current market conditions still are very favorable for those who are seriously considering a major decision, such as building their own dream home.
It might be time to start taking notes when you hear people say: “now is the time to build” or “you better act now before it’s too late!”