Good Time to Purchase

Considering the fact that the rates have been really low in the past, it has allowed anybody to buy a home. We know that Mortgage rates move up and down daily, and it’s quite impossible to time the market. So locking in your interest rate as soon as possible is a good idea because overall, rates are historically favorable. 

There’s a lot more that goes into a making the decision on buying a home. Buying a home is about making a lifestyle choice. While the interest rate market for mortgages can shape a decision, it’s wise to not base it solely on a few basis points on a mortgage rate. The most important goal to achieve is to set a realistic homebuying budget and stick to it. Looking at today’s mortgage rates a few notable rates moved up. For both 30-year fixed and 15-year fixed mortgages the averages both drifted higher. There was no adjustment in the average rate of 5/1 adjustable-rate mortgages (ARM).

Yes, its still a good time to purchase a home:

  • Particularly for first-time buyers, if you qualify for a mortgage to purchase a home, it’s a good time to buy.
  • Mortgage rates dropped in July
  • More homes for sale nationwide
  • Sellers are willing to cut prices, negotiate