Here’s a quick update on mortgage interest rates for 2021 and beyond.

I’m sure you’ve noticed that interest rates are very low right now. They were around 2.75% in mid-February and now sit at around 3.25% for a 30-year fixed-rate mortgage. What does that mean for you? For starters, buyers are scrambling to try and lock in a low rate before they go up again. Homeowners are considering selling, too, because as rates get higher, it will be harder for them to qualify for a new mortgage for their new home. 

Just a 1% increase in interest rates decreases purchasing power by 10%. That turns a $500,000 pre-approval into a $450,000 pre-approval very quickly.

If you have any questions about buying a home, interest rates, or anything else related to real estate, don't hesitate to reach out via phone or email. We would love to hear from you.