Good news for those thinking about buying a new home — mortgage interest rates are low, which means purchasing power is up.
Earlier this year, mortgage rates fell to the lowest level in 13 weeks according to the results of mortgage agency Freddie Mac’s Primary Mortgage Market Survey. As reported by an article in Builder magazine, a 30-year fixed-rate mortgage averaged 3.64 percent for the week ending Jan. 9. A year ago, the rate averaged 4.45 percent. The 15-year fixed-rate mortgage averaged 3.07 percent last week and the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.30 percent.
Mortgage rates are predicted to remain steady at 3.6 percent throughout 2020 with rates beginning to trend upward beginning 2021.
What does that mean for you? Buying now with a 30-year fixed-rate mortgage loan will keep your monthly payments low. You could choose to get more home for your money or you could roll the structural options and upgrades you want into your mortgage.
It also means you can make the move to your dream community — Sienna. Why? Because Sienna offers you more choices, guaranteeing that you will find your dream home crafted by a builder you can trust.
Sixteen nationally recognized builders offer a range of designs that include everything from townhomes to estate homes. So many builders and so many floor plans mean you can easily find a beautiful home that fits your budget.
Sienna is more than homes. Sienna is a community of close-knit neighborhoods and there are so many of them! Our newest neighborhood is Heritage Park, but there are more to come.
If you are in the market for a new home, make this year, your year and purchase your new home in Sienna.