It has been about a month since Great Britain voted to exit the European Union and while Brexit is beginning to have some negative consequences for the people in the land of our forefathers, it has had some positive impacts on the people of the United States. One of them being historically low mortgage rates. When I checked Bankrate this morning, new 30 year fixed mortgages were hovering around 3.27% and refinances at approximately 3.45%.
That’s great news for existing homeowners and new home buyers. If you are contemplating jumping into the home buying market, now could be an extremely beneficial time. According to Andrew Soergel of U.S. News & World Report, “It’s difficult to tell exactly how long these historically low interest rates will persist, especially if the Federal Reserve opts to raise its benchmark interest rate in September. But until then, more active home construction and persistently low mortgage rates are expected to make homeownership significantly more affordable for first-time buyers who don’t have a home to sell.” In addition, if you’re looking for that vacation property you may be able to capitalize on this opportunity as well.
What does that mean for the Summit County, Colorado home buyer? Well, since inventory is low and the turn around is quick, it’s more important than ever to find yourself a local lender and get pre-approved for your loan. Check out our March 16, 2016 Blog, Top Priority for Potential Buyer’s and Browsers, for more information about why local lenders are so important to the process. If you’re still on the fence, check out another U.S. News & World Report article, Could Brexit Actually Be a Positive for U.S. Real Estate? and call me for specific information about our unique market. Now may be the perfect time for you to get the home you’ve been dreaming about, and have a little left over for that vacation to Great Britain!