How Low Can Mortgage Rates Go?

Well, it’s official. The 30 year fixed mortgage rate has hit an all time low of about 3.875% (of course mortgage rates will fluctuate daily but it is minimal). Not only that but the 15 year fixed mortgage rate has just hit a new record low of about 2.785% (again mortgage rates can fluctuate daily but this is normal). With that being said, when will it stop?

We all keep asking ourselves “just how low can it go?”. I guess that remains to be seen. The problem with all of this is that the lower mortgage rates have not helped to boost the current home sales.

The lower interest rates should have helped boost home sales and helped boost them tremendously. But unfortunately there are several problems that cannot be solved by continuing to lower the interest rates.

The first problem is that there are many, many buyers that cannot qualify for a loan under the current approval guidelines. The second problem is that that are just as many, if not more, buyers that cannot afford the down payment that the bank requires. And to compound the problem, the buyers that can afford to buy a new home or to refinance their current homes have already done so.

So the bottom line is: if you can qualify for a mortgage, then now is the time to buy. Who knows if the rates will go any lower; however, it does not seem likely.

Don’t assume that you cannot qualify. Talk to your realtor to discuss your options and about any special programs that may be available to you. The worst thing you could do is to assume that you don’t qualify when you very well may.

You don’t want to miss out on these all time record low mortgage rates that could literally save you thousands of dollars over the life of your loan. Thirty years or even 15 years is a long time.

So don’t wait! Call your realtor today to get the ball rolling. Your realtor will be able to recommend a reputable mortgage company and provide you with information on any assistance programs you may qualify for. You don’t want to pass up the chance of a lifetime. We may never see interest rates this low ever again!

I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax,Clarke, Fauquier and Prince William Counties.  Our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.  Cell 703.727.9885      Office 703.574.3800

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