Interest rates are low right now, but they won’t stay that way for long. Whether you’re a buyer or a seller, take advantage of them while you still can.
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What are interest rates like in our current market?
According to Brandon Moss, our preferred lender, 2017 has been a great year for interest rates. We’ve seen them hover just above historic lows the entire year. 30-year fixed rates are still right around 4%, and fixed-rate adjustable-rate mortgages (or ARMs) are in the mid-to-lower 3% range.
However, the Federal Reserve is scheduled to meet this December, and there is a very good chance they’ll hike up interest rates. Because of this, Brandon suggests that all buyers and sellers get out there and take advantage of these rates while you still can.
Right now is a great time to be a seller, because more and more buyers are jumping off the fence and entering the market. It’s also a great time to be a buyer because you won’t face as much competition due to the season.
You don’t need a large down payment to get into a property these days.
Another question we often get from buyers is, “Do I really have to come in with 20% down?”
No, you do not. There are a lot of great mortgage programs out there that don’t require you to put 20% down. If you’re a first-time homebuyer, you can put as little as 3% down. If you’re a move-up buyer buying a jumbo property, you can put down just 5% or 10%. Even investors can get in with just 15%. You don’t need a large down payment to get into a property these days.
If you have any more questions about loan programs, feel free to give Brandon a call at (818) 256-4330. If you have any other questions about our Southern California market, don’t hesitate to give me a call or send me an email. I’d be glad to help!
