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Interest rates have been low for the past decade. But did you know they’re at the lowest they’ve ever been right now?
Low Interest Equals More House for Your Money
Interest rates are running at about 4.0% to 4.25%. Based on a $100,000 home, if the interest rate was to go up just 1%, it would increase your payment by $114 a month. Over the course of 5 years, that would come to $6,000 total interest you would pay. Take it out even further and it won’t take long before your home will cost you $10,000 more just based on the 1% increased interest rate.
Home prices really have hit bottom for the most part. Couple that with great interest rates and you’re looking at a great bargain when it comes to your next home.
Lowest Interest Rates of Your Lifetime
What does this all add up to? Now is probably the best time to buy as it has been in your lifetime. It sounds extreme but it’s true. The interest rates really are rock bottom because the government has been borrowing at 0% interest. This has worked out to be great for the consumer who is even remotely in the market for a new home.
The question that really begs to be asked is: How long can the federal government continue to borrow at this 0% interest? The answer to that question is they can’t continue borrowing at a non-existent interest rate forever. As a consumer, you need to take advantage of this while it still has the interest rates at these historic lows.
Low Interest Equals More House for Your Money
Interest rates are running at about 4.0% to 4.25%. Based on a $100,000 home, if the interest rate was to go up just 1%, it would increase your payment by $114 a month. Over the course of 5 years, that would come to $6,000 total interest you would pay. Take it out even further and it won’t take long before your home will cost you $10,000 more just based on the 1% increased interest rate.
Home prices really have hit bottom for the most part. Couple that with great interest rates and you’re looking at a great bargain when it comes to your next home.
Lowest Interest Rates of Your Lifetime
What does this all add up to? Now is probably the best time to buy as it has been in your lifetime. It sounds extreme but it’s true. The interest rates really are rock bottom because the government has been borrowing at 0% interest. This has worked out to be great for the consumer who is even remotely in the market for a new home.
The question that really begs to be asked is: How long can the federal government continue to borrow at this 0% interest? The answer to that question is they can’t continue borrowing at a non-existent interest rate forever. As a consumer, you need to take advantage of this while it still has the interest rates at these historic lows.
Interest Rates Will Increase Soon
The fact of the matter is interest rates will increase. It is only a matter of when. It may not be long either. We believe the day is probably coming soon. Since the future may hold higher interest rates, today is the best time to take advantage of them. Charleston Homes has a great selection of homes that you can get for a fraction of the price right now before the interest rates jump up. While these interest rates are low, you can afford much more house than you will be able to when they jump back up in a short time.
Has this peaked your curiosity to think about a new home? Visit one of our model homes to see what we offer or set up an appointment to talk with one of our representatives about what your options are. There has never been a time better than right now to think about buying a new home.
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