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The Lowdown on Low Mortgage Rates

Posted on June 26, 2016

If you have been following the news, you already know that mortgage rates are at a historically low level (loans for Destin real estate included). There are a few contributing factors to this, one being the strength of the global economy and the other, of course, is related to the Federal Reserve. Last week, the Fed decided to keep interest rates from rising, keeping mortgage rates at the lowest level seen since 2013.

To be more specific, 30-year fixed-rate mortgages have dropped from 4.25 percent in 2012 to 3.5 percent, while 15-year fixed-rates have decreased to 2.81 percent. This is HUGE, making now a great time to invest in real estate.

Not great with numbers? That is okay! Long story short, if you have $250,000 mortgage, your monthly payment would be approximately $1,130 with a decent credit score. That’s not too shabby given how hard it is to find long term rentals in Destin for anything less, and at least this way, you can build some equity.

With such low rates, even if you are not interested in buying, now could be a great time to refinance your home. Learn more about your different options when it comes to home loans in Destin with our expert friends at Prime Lending.

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