Cost of Waiting To Buy a Home


The rates on mortgage loans are at historically low levels. Low rates have been due to the Federal Reserve's low rates, which have helped the Arizona housing market by enabling more people to buy houses. Low rates can also help Arizona homeowners refinance their homes, taking out cash without selling their houses.


It is important to remember with Arizona real estate that there are many benefits to mortgage rates being low. It means that thousands of dollars in savings over the life of the loan can be enjoyed by Arizona home buyers.


This can be true for those who would like to buy their first home. Lower rates mean the financial burden of owning a home will be much easier to handle.


The recent changes in the Arizona real estate market have taken some of the pressure off of mortgage rates. The rates are now at four-year lows, which is an improvement considering that more than a year ago, they were over 4%.


Some factors influencing the current rates are:

- Mortgage applications

- Interest rates

- Banks funds availability

- Global economy

- Federal Reserve


Some financial experts believe that one of the best ways to secure your future and save for retirement is buying a home. This is because the long-term investment of owning a home will outpace any other investment vehicle. If you currently considering buying a home in the future, it may be wise to purchase one now to lock in the low rates before interest rates start to go up again.


High mortgage rates can make it difficult for people who want to buy a house and pay off their loans quickly.


Interest rates have been trending down, which is excellent news for current homeowners looking to refinance or buyers looking to purchase a home. With low mortgage rates, you can save big on your monthly payments.


The mortgage rates made a surprise spike to just over 3% in late September. Significant financial forecasts indicate that mortgage rates are expected to keep going up.


There's a new report where experts predict rates:

Rate Projections Graph


There's a new report where experts predict rates.


Experts believe that waiting until next year to buy a home could cost the buyer 107 dollars a month (on average) due to higher mortgage rates.


Waiting until next year to buy a home could be costly for buyers looking for low mortgage rates. Experts estimate that if mortgage rates rise from their current 3% to 3.55% by 2022, this would mean an additional 107 dollars per month in interest payments for someone with a 30-year loan. (on average)



Potential Cost of Waiting


The experts believe that you could be missing out on $107 a month in mortgage savings by waiting until next year to purchase a home. Rates are projected to rise, and the monthly mortgage payment may increase as well. So it may be best to take advantage of the low mortgage rates now and purchase your new home now!


There's currently no way to predict the future of rates, but we know the current rates are historically low.

It's not easy for experts to predict the future of loan rates. However, we do know that mortgage rates are historically low right now. The rates will probably start to rise in the next year, but it is essential to take advantage of this while you can.


There are many reasons why mortgage rates are low. One of them is that the government has lowered the rates to spur economic growth.


Let us know below if you feel rates will hold on?  Or will they start creeping up? Have you taken advantage of the current historically low rates?