Low rates lead to best housing affordability in years

Housing affordability hasn’t looked this great in years.

Freddie Mac’s 30-year fixed rate mortgage has led to some of the better home affordability in four years.

As of July, buying a home required under 20 percent of the nation’s media monthly income. The consumer standard is based on a mortgage payment for an average-priced home.

For nearly 100 months, the record-low mortgage rates continue to increase affordability, bringing more families closer to the reality of homeownership.

Even in larger markets, home affordability is at its strongest levels, which haven’t been seen in years.

In many cases, future homebuyers can afford 10 percent more home than in previous years while still paying the same amount on the monthly mortgage.

Buyers can enter the market from a position of strength given the availability of incredible interest rates. There’s also a growing sentiment among future homebuyers that buying a home has never been more important, given the circumstances of the current pandemic.

If you’re thinking about buying a home, now may be an opportune time to learn more and prepare to enter the market.

We care about finding the right loan product and pathway that meets our clients’ unique financial situation and goals.

There is a variety of loan products to choose from at Premier Mortgage Resources.

For instance, the fixed-rate mortgage is a traditional loan that keeps the monthly principal and interest payment due the same for the duration of the loan.

FHA loans are also widely used and are backed by the Federal Housing Administration. They are available for single and multifamily homes and offer our clients flexible and lenient borrowing terms.

For veterans, a VA loan can get them into a home without having to pay for a down payment. This tremendous advantage is just one of the favorable features our servicemembers can enjoy through a VA loan.

Customers can also select the conventional mortgage program, which can save homeowners from paying mortgage insurance and still enjoy today’s ultra-low rates.

If you’re thinking about buying a home, it couldn’t come at a better time given how accessible and affordable purchasing a home is.

Please contact us today to learn more about the resources, interest rates and financing programs that will expedite your home search.

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