Why Now’s the Time to Buy a Home
9/12/2024
If you’re considering buying a home, now is a great time to act. With declining mortgage rates, you can get a favorable rate that could make your dream home more affordable. Keep reading to learn why now may be the perfect opportunity to jump into the housing market.
The Power of Lower Rates
Interest rates are a key factor in determining the cost of your mortgage. Even a modest decrease in rates can have a significant impact on your monthly payment and overall savings. For example, let’s look at how a lower interest rate could affect your mortgage payments:
| Loan Amount | Est. Monthly Payment with a 7.50% Rate | Est. Monthly Payment with a 6.00% Rate | Monthly Difference or Savings | Total Interest Saved Over 30 Years |
|---|---|---|---|---|
| $150,000 | $1,049 | $899 | $149 | $54,000 |
| $300,000 | $2,097 | $1,798 | $299 | $108,240 |
| $450,000 | $3,146 | $2,698 | $448 | $163,440 |
As you can see, even a 1.5% decrease in mortgage rates can lead to significant savings. For example, with a $300,000 mortgage loan, a change in interest rate from 7.50% to 6.00% would result in a $299 lower monthly payment and save you over $108,000 in interest over 30 years.
Why You Should Act Now
Mortgage rates can change due to many factors, such as economic shifts and Federal Reserve policies. While rates are currently dropping, they could rise again. By acting now, you can take advantage of decreasing rates to secure a more affordable monthly payment and potentially save thousands over the life of your loan.
And if you’ve already bought a home when rates were higher, now could be the right time to refinance, too.
Why Choose Arkansas Federal Mortgage?
Arkansas Federal Mortgage offers a variety of options to ensure your homebuying experience is smooth and stress-free. Here’s what we provide:
- $0 Application Fee. There’s no cost to apply — just take the first step to take advantage of the lower rates.
- Low Down Payments. Enjoy as little as $0 down!
- Low Rates. Get an affordable rate that fits your budget.
- Local, Expert Support. With local lending and servicing, we’re with you every step of the way — from your first question to your last payment.
Don’t Miss Out
This is a fantastic opportunity to purchase a home and benefit from lower mortgage rates. Take advantage of declining rates to make your homeownership dreams come true. Visit our website for daily rate updates and apply today with Arkansas Federal Mortgage to secure a great rate and start saving.
