Mortgage Rates Drop
Rates hit an 8-year low in February and are pushed lower amid coronavirus fears. The 30-year fixed-rate mortgage averaged hit 3.23%, down from 3.45% last week according to Mortgage News Daily. The 30-year fixed loosely follows the yield on the 10-year Treasury, which is now at a record low, as fears grow that the coronavirus will slow global growth.
The Time to Buy is Now
If you can afford to buy a house now, you should. The low mortgage rate is good news for buyers and sellers because it means increased in purchasing power. Now is also a good time to lock in a mortgage. Buying a home now costs less than it did in late 2018, according to Freddie Mac data. Right now, homebuyers can likely afford a more expensive home and more homebuyers can qualify for a loan.
The combination of low mortgage rates, a strong economy, and positive financial market sentiment all point to home purchase demand continuing to rise over the next few months. As spring is just right around the corner, March is looking to be a prime month to buy or sell a home. Mortgage applications have increased recently as homebuyers look to get ahead of the game before the spring home-buying season starts.
These historically low rates have come in at the right time in the housing market. With the limited supply of inventory, homes are in high demand. Homebuyers need all the purchasing power they can get as the low inventories in many markets across the country have caused homebuilding to increase to a 13-year high in December 2019.
If you are thinking of buying a home, it’s important to remember that rates can rise and fall at any moment. Sure, the rate could drop lower. Consider carefully whether you want to bet on lower rates. Yet, don’t hesitate to lock in a rate that works for you and become one step closer to becoming a homeowner.
Read more: How Much House Can I Afford in Greenville, South Carolina?
Buying a Home in Greenville, South Carolina
Whether you are buying a Greenville, South Carolina real estate for investment, retirement home, or your dream home, it is wise to buy a home that you can really afford. Online resources that calculate how much house you can afford like this free spreadsheet can give you a rough estimate but it is still better to consult with your bank or financial adviser. Your bank officer will help you determine how much house you can afford, how much you’ll be able to finance through a loan, and what your monthly payments will be. That will give you a definite idea of your price range and you can target your home search based on your qualification.
Greenville, SC offers a wide range of housing options with price ranges that appeal to families and individuals of all income levels. Below you can search for homes in Greenville, SC. You can narrow down your search if you use the filter option so you can see property listings that fit your price range.
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