Almost Free Money!

It is no secret we are now seeing the lowest rates in history! Indeed a monumental event. As we also battle a pandemic and an economic contraction, the Feds have seen it fit to pump money into the economy in a variety of ways. One of the strategies that usually works to stimulate the economy is to make the cost of borrowing cheap so people can borrow money and spend. GDP is a measure of the state of the economy. GDP is also made up almost 70% of consumer spending, so it stands to reason that making it affordable for people to spend money, will prop up the economy. This has worked in the past numerous times so it is a tried and true strategy.

Who is benefiting the most right now? Homebuyers! When you have mortgage rates hovering in the 3%* range for a 30 year fixed mortgage, according to FREDDIE MAC as you can see below, it is almost FREE money. When you take all the benefits of homeownership into account, it can actually be argued that lenders are practically paying you to buy a home nowadays.

Today may be the best time in history to invest in a home of your own. Whether you are buying your first home or moving up, you are likely going to come out ahead.

I realize a lot of people are concerned about the economy and the future. You probably don’t have all the tools necessary to fully assess whether a mover right now is in your best interest. The good news is, there are people out there who can make an impartial, pragmatic, assessment of your goals, and make a recommendation.  There are qualified financial planners, homeownership counselors, etc. And of course, a trusted Real Estate professional with decades of experience whom you can confide in. If it is something you are considering at the moment, I’d be delighted to help you make sense of what opportunities are available right now so that you may make an informed decision. Feel free to reach out any time.

• NOTE AND DISCLAIMER: I am not a mortgage lender so my mention of rates IS NOT a rate quote, it is merely a reflection of the information I see on reliable sources of information’s websites as well as my day to day working interaction with mortgage lenders. For mortgage advice and a rate quote, contact a qualified mortgage professional