If you are looking for at a Weston Dean Home
this spring or summer, you have probably heard people say, “It’s a great time to buy a new home, you should do it while interest rates are still really low.” But what do lower interest rates mean for you?
Here’s a little background on interest rates. Do you know what a high mortgage rate would look like? December of 1980 the 30-year fixed mortgage rate was 14.79%. By January of 1990 it dropped to 9.67%. Over a 10-year period, rates only went down by about 5%. But by May 2000 the rates were only down to 8.52%, barely a 1% change in 10 years. So, when you hear advertisements that mortgage rates are at an historic low, this gives you an idea of what they mean.
Not that many years ago people were happy to purchase at a 6.5% interest rate, but now, with mortgages available from the high 3% to low 5% range you can truly believe this has never been a better time to purchase a Weston Dean Home.
Let’s say you purchase your Weston Dean Home
at a higher interest rate and it makes your payments around $2,000 per month (not including taxes and insurance). But by locking in at a lower interest rate, this could mean your payment might be more around $1,850 per month. By purchasing a Weston Dean Home while the rates are low, you free up over $150 per month.
As a perspective Weston Dean homeowner, it’s important to understand rates so that you can make an informed decision about purchasing your new Weston Dean Home. Maybe you haven’t moved forward in purchasing your new Weston Dean Home because you are waiting for the lowest rate. But how will you know when the rates hit bottom? You can’t, but as the economy continues to improve, we can expect to see a continued upward movement in long-term interest rates.
By looking at the currently low interest rates and comparing how much more of a Weston Dean home you will get for your money now verses just a few years ago. This may help you take your dreams of owning a new Weston Dean Home off hold and help you move forward with purchasing your Weston Dean home and becoming part of a Weston Dean Community.
Weston Dean Homes is a San Antonio area custom home builder. For additional information about Weston Dean building your San Antonio new home, please call (210) 408-9107.