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Loan And Finance

Why it’s the Perfect Time to Buy a House

Inflation is raging. Interest rates are the highest they have been in a decade. Housing prices have increased by over 50% in some areas.

How could now be a good time to get a mortgage and buy a house?

Because prices and rates figure to keep climbing higher before cooling off. Locking in a mortgage at today’s rate could save you thousands in interest.

Rate Search: Check Today’s Mortgage Rates

Rates are Historically Low

Sure. You could have got a 30-year mortgage 2 years ago with an interest rate under 4%. That same 30-year loan will have a 5% rate today for the first time since 2011. But historically mortgage rates are still extremely low.

Rates figure to continue to rise throughout 2022 and could reach close to 6% by the end of the year. Locking in your rate now could end up saving you ten’s of thousands of dollars in interest.

Rising Home Prices

Zillow forecasted housing price growth—which was up 18.8% between December 2020 and December 2021—would decelerate to 11% this year. Last month, Zillow revised that rate up to 17.3%.

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The housing market is booming all over the country and home prices are at their highest levels. Inflation is still raging on and prices could continue to increase throughout the year. Buying a house now could prove to be a great investment if that happens. You could be looking at having significant equity in your home as prices rise.

Increased FHA Loan Limits

The Federal Housing Administration has increased the FHA loan limits by $65,000 in 2022 bringing them to $420,680 in low-cost areas of the country. Keeping up with rising housing prices FHA loans make becoming a homeowner as easy as possible. FHA loans require just a 580 credit score and a 3.5% down payment.

Get Pre-Approved Today

 

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