The Impact of Low Interest Rates on Home Buyers and Sellers
Now that mortgage interest rates are fairly low, it’s important that home buyers and sellers consider how rates could impact the sales process. Lower interest rates usually lead to an influx of buyers into the market, eager to purchase property. These buyers tend to be more drawn to a 30-year rather than a 15-year mortgage. When interest rates are low, it’s often possible for buyers to make a smaller down payment on their new home, and many homebuyers won’t need to take all of their current home’s equity to apply to their new down payment. This can help buyers free up capital and get started on home improvements soon after they move in. Reach out today for more information about buying or selling your home.