Are you considering a new home? Without a doubt, now is the perfect time to lock in a low mortgage rate. Specifically, Freddie Mac has called the rates the lowest in three years.
For example, according to this article in Housingwire.com, the average U.S. fixed rate for a 30-year mortgage averaged 3.51%. For that reason it dropped to the second-lowest level in three years. Additionally, it stated the pace is now 95 basis points below the 4.46% rate of the same week last year, according to the Freddie Mac Primary Mortgage Market Survey.
The most compelling evidence of low mortgage rates is the homeownership rates. Housingwire’s article discusses the strides that homeownership rates have increased. “The U.S. homeownership rate rose in the fourth quarter to the highest level in six years as low mortgage financing costs helped more people to buy properties. The share of Americans who own their own home was 65.1%, rising from 64.8% in the same period a year earlier, the Census Department said in a report on Thursday. The homeownership rate hasn’t been this high since the third quarter of 2013.”
As shown above, it is a great time to buy a new construction home at Horizon by Award-Winning Rocklyn Homes.