While the economy continues to show signs of improvement, you might be wondering where interest rates have gone, and if you can still get in on the historic lows. The answer is yes! And if we follow historic trends, that should continue for the rest of the year. For about the past four years, starting in 2010, mortgage interest rates have shown a strikingly similar pattern. This pattern has been concurrent with the highest rates occurring in January, February, and March. Mortgage rates then begin to fall around May and don’t rise again until the following January. This means the best time to get a low mortgage interest rate is typically in the late spring or early summer months to about November.
To get the most attractive financing possible, consider these options:
- Negotiate points and other fees with the lender
- Choose a 15- year mortgage instead of a 30-year.
- Lock your rate at the right time. Talk to your lender and watch for market trends
- Improve your credit
- Put at least 20% down
At Coastal Outer Banks Realty, we will help you negotiate the best deal possible and help you find a local lender that will ensure you get the best financing available. Click here to visit our website and view available properties.