If you need assistance, please call 630-276-7575

Don’t Wait for a Lower Mortgage Rate – It Could Cost You

Tuesday, October 12, 2021   /   by Teresa Ryan

Don’t Wait for a Lower Mortgage Rate – It Could Cost You

Today’s housing market is truly one for the record books. Over the past year, we’ve seen the lowest mortgage rates in history. And while those rates seemed to bottom out in January of this year, the golden window of opportunity for buyers isn’t over just yet. If you’re one of the buyers who worry they’ve missed out, rest assured today’s mortgage rates are still worth taking advantage of.


Even today, our mortgage rates are below what they’ve been in recent decades. So, while you may not be able to lock in the rate your friend got recently, you’re still in a great position to secure a rate well below what your parents and even grandparents got in years past. The key will be acting sooner rather than later.


In late September, mortgage rates ticked above 3% for the first time in months. And according to experts throughout the industry, mortgage rates are projected to continue rising in the months ahead. Here’s where experts say rates are headed:
download.jpg

While a projected half percentage point increase may not seem substantial, it does have an impact when you’re buying a home. When rates rise even slightly, it affects how much you’ll pay month-to-month on your home loan. The chart below shows how it works:
download (1).jpg

In this example, if rates rise to 3.55%, you’ll pay an extra $100 each month on your monthly mortgage payment if you purchase a home around this time next year. That extra money can really add up over the life of a 15 or 30-year loan.


Clearly, today’s mortgage rates are worth taking advantage of before they climb further. The rates we’re seeing right now give you a unique opportunity to afford more home for your money while keeping your monthly payment down.


Bottom Line

Waiting for a lower mortgage rate could cost you. Experts project rates will continue to rise in the months ahead. Let’s connect so you can seize this opportunity before they increase further.


Call Teresa Ryan at 630-718-0424 today, for your home buying and selling needs in Naperville and the Western Suburbs of Chicago. For inquiries, please call 630-276-7575.

Subscribe to our YouTube Channel for real estate insights, updates, and news!
https://bit.ly/RHG-Youtube

Join us on social:
Facebook: https://www.facebook.com/RyanHillGroup/
Twitter: https://twitter.com/ryanhillgroup
Instagram: https://www.instagram.com/ryanhillgroup/


  naperville il, teresa ryan, century 21 affiliated naperville, ryan hill group, homebuyer, homebuying tips, first time homebuyer, home buying tips, buy a house

Ryan Hill Group - Century 21 Affiliated
Teresa Ryan
1288 Rickert Dr, Ste 300
Naperville, IL 60540
630-276-7575
630-718-0424

The data relating to real estate for sale on this website comes in part from the Broker Reciprocity program of Midwest Real Estate Data LLC. Real Estate listings held by brokerage firms other than Teresa Ryan - Ryan Hill Group - Century 21 Affiliated are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the names of the listing brokers. Some properties which appear for sale on this website may subsequently have sold and may no longer be available. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. © Many homes contain recording devices, and buyers should be aware they may be recorded during a showing. Copyright © 2021 Midwest Real Estate Data LLC Information deemed reliable but not guaranteed. Properties marked with the MRED icon are provided courtesy of Midwest Real Estate Data, LLC. Broker Reciprocity. Use of this site constitutes agreement to the terms and conditions. DMCA Notice
This site powered by CINC: www.cincpro.com