For now, buyers can still take advantage of low interest rates on mortgages. Unfortunately, it's not likely to continue to stay that way. While mortgage rates have been edging slightly higher in recent months, they continue to stay near historically low levels. In 1981, the average interest rate was nearly 19%. When you compare today's rates to those, you can see that now is a great time to invest in a new home. For information on what rates you qualify for, contact the best mortgage lender at the Lake of the Ozarks for a pre-approval.
2. Home Prices are Rising.
One of the biggest issues in the housing market today is inventory of homes for sale. Due to favorable interest rates and low supply, demand is driving housing prices up. The latest S&P CoreLogic Case-Shiller Index showed that the average home cost increased by 6.4% between April 2017 and April 2018. This trend is not expected to slow down either. For those in a position to buy, now's a great time to act. In addition, buying now could be a wise investment decision. If you plan to stay in your house for a while, even a steady increase in home prices could cause your home to appreciate in value.
Owning vs renting your home may be one of the biggest debates regarding housing. You can argue about which is better, but there's no denying that rent prices are increasing across the country. When you run the numbers, if you're planning to stay in your home for more than just a few years, it usually makes more financial sense to purchase home. Calculate the difference between renting and buying a home with our online Rent vs. Own Calculator. When you own your own home, you don't have to worry about your landlord raising the rent each year when your lease is up for renewal.
Are you ready to dive in and start your home search this summer? Senior Loan Officer Michael Lasson is here to help! Contact us at 573-746-7211 to get started today. As your Lake of the Ozarks mortgage lender, I'll discuss your financing options, offer competitive interest rates and back it up with the first class service you deserve!
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Senior Loan Officer
NMLS #: 493712
4655 B Osage Beach Parkway
Osage Beach, MO 65065
**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.