Interest rates for mortgages are now around the low 4% range for a 30-year fixed loan.
There’s a general rule of thumb for interest rates that goes like this: for every 1% change in interest rates, you gain or lose 10% buying power. So if you were pre-approved to buy a $500,000 house a few months ago when rates were around 4.5%, you might now be able to afford a $525,000 house (5% more buying power).
It’s also a good time to refinance into a lower rate, which could save you tens of thousands of dollars in the long term.
Talk to your mortgage consultant today, and if you don’t have one already, I’m happy to provide references to a few that I know and trust.