Home Buyers Benefit From Lower Mortgage Rates
Contrary to earlier predictions, mortgage rates are falling rather than rising. That’s good news for home buyers since even a 1 percent decrease in rates translates to more buying power.
Mortgage agency Freddie Mac, one of the leading sources for rate forecasts in the U.S., recently slashed its rate forecast for 2019-2020. As recently as late 2018, the agency predicted 30-year mortgage rates at 5.1 percent for 2019. The group just cut that prediction to 4.3 percent. That full percentage drop represents a number of attractive opportunities for both move-up and first-time home buyers.
The lower monthly payments resulting from lower interest rates are certainly attractive, but another benefit is the ability to get more home for the same amount of money. It also might increase your chance to move into your dream community, such as Woodridge Forest.
That’s because as interest rates decrease, affordability often increases. As you look for a new home, you may discover that your 20 percent down payment and a loan at a lower mortgage rate could get you a larger home than you originally anticipated.
A lower rate also could help you move into your desired community, which could mean a better standard of living including better schools for your children.
Forecasters now predict that the 30-year fixed rate will remain relatively steady through year’s end, not changing by more than a couple of tenths of a percentage point. Afterward, rates could begin to inch upward, which means now is the time to buy your beautiful new home in Woodridge Forest.
Woodridge Forest builders offer a range of floor plans to fit any budget — whether you are a first-time homebuyer or are moving up to a larger home. You also get an unbelievable lifestyle with attractive amenities such as a resort-style pool, a splash park for the kids and stocked fishing ponds. As part of the Kingwood Service Association, Woodridge Forest residents have access to even more.
Visit our model homes today and take the first step toward your beautiful new life in our beautiful livable forest.