Looking to Buy a Home? 2020 May Be Your Year

Date:

(Looking to Buy a Home)

If buying a home is on your near-future to-do list, experts say that 2020 may be a good year to make it happen. Mortgage interest rates are near historic lows, providing you with the opportunity to finance a new home purchase at a much lower cost.

According to a new forecast from Freddie Mac, mortgage rates will stay in the 3-4 percent range for all of 2020 and 2021, giving prospective homeowners substantial time to plan their purchase. This, combined with modest inflation and a solid labor market, makes for good climate to buy a home with a fixed rate mortgage. For those who are already homeowners, refinancing now may be a good idea.

“For those serious about homeownership, today’s sub 4 percent mortgage rates should not be taken for granted,” says Freddie Mac chief economist, Sam Khater. “For comparative purposes, in 2000, rates averaged eight percent; and in the 80s, they spiked to 18.5 percent.”

Khater stresses that while mortgage rates are an essential factor to consider in the home-buying process, there are other important items to think about as well as you lay the groundwork for your purchase. These include getting a firm handle on your finances, knowing your credit score (and taking steps to boost it if necessary) and familiarizing yourself with down payment options. For more information and tools on home buying and homeownership, visit myhome.freddiemac.

Whether you are making the jump from renting to owning, or looking for a home that better meets your current needs, now may be a great time to consider making your real estate dreams a reality. Today’s low rates could save you money for years to come.

Find your latest news here at the Hemet & San Jacinto Chronicle

Search: Looking to Buy a Home

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe to The Hemet & San Jacinto Chronicle

Popular

More like this
Related

Why California Democrats are divided on retail theft bill

Legislators may be off for spring recess, but debates about their bills are still happening outside committee rooms.

California delays financial aid deadline over bungled FAFSA rollout

California Gov. Gavin Newsom on Monday signed legislation extending the deadline for students to apply for state scholarships as problems continue to beset the Biden administration’s rollout of a simplified federal aid form.

Where is employment heading in the Inland Empire?

Once a year, at the beginning of March, the national release of the monthly labor market data coincides with that of the state and the region.

Poisoning, Overdose Awareness Walks Scheduled In Riverside County

Riverside University Health System announced Monday that its "One Life, One Heart" Poisoning and Overdose Awareness Walk will debut at three Riverside County locations, starting with Palm Desert on Wednesday.