Our current low interest rates make properties more affordable.
Today’s interest rates are so low that many people are surprised to find out how much home they can afford in the current market. Rates have been hovering in the 2s and the low 3s depending on your credit score and other factors (you’d have to be pre-approved by a lender to learn what kind of rate you’ll get). In general, rates are so low that you could likely afford a house worth $10,000 more than you could just a year ago.
So what can we anticipate in terms of big changes coming to the market? Well, the Feds recently said that they didn’t anticipate raising interest rates. It’s hard to say what will happen in the future given the pandemic, but it’s safe to say that now is a good time to act if you’re planning to buy a home.
If you have questions about interest rates or anything else to do with the real estate market, don’t hesitate to reach out to us at SOLDinCentralIowa.com or Eric Bokker at www.EricBokker.com. We’d love to help you.