Despite the sharp increases in home prices recently in the Treasure Valley, interest rates have remained grounded, keeping homes affordable and perhaps stabilizing the market. However, these low rates are not here to stay and for those wondering “When is the right time to buy?” I would argue that the time is now.
Many buyers underestimate the benefits a good home loan interest rate can provide them. For example, on a $200,000 loan, an increase in just one percentage point from 3.75 to 4.75 means paying over $100 more per month and over $40,000 more in interest over the life of the loan. Compared to 1 year ago, mortgage rates are already .375%-.625% higher nationally.
Also, when the economy is slow and the stock market down, investors tend to