Are you in the market to buy a new home in the San Mateo area? Have you taken a look at mortgage rates lately? Today’s recently updated survey by Freddie Mac shows 30 year fixed rate mortgages as averaging 3.56%!
The fifteen year fixed rate mortgage is only 2.86% and adjustable rate mortgages are super low, too. The 5/1 year adjustable rate mortgage is coming in at 2.74% and the 1 year adjustable rate mortgage is 2.69%. Rates this low haven’t been seen in a long time.
As an agent, I can tell you plenty of reasons why any time is a good time to purchase a home. It’s all about your personal situation, the market, and what works best in your scenario. We know the local markets of Burlingame, Hillsborough, San Mateo and Foster City very well, and as such can share advice to help you find the best value no matter what the real estate market at large may be doing. However, with these record mortgage lows, I strongly suggest that you do act quickly if you are seeking to buy, sell or refinance your home. This gift of almost free money will not be around very long so don’t wait!
If you are in the market to purchase a home or refinance the home you currently own, it may be wise to lock in the current rate. As a potential seller, it may be wise to offer your home for sale while inventory is down and buying power is high. You may also consider transitioning your existing mortgage to shorter payment terms to take advantage of the historic lows on fifteen year mortgage rates. We’ve be happy to talk further with you about listing your home now.
Call us today to see if we can find you a home you love so you can lock in this phenomenal rate. We can also refer you to a trusted lender, if you are seeking to refinance. If you can qualify, this may be the prime time to do so.
Here’s what’s on the market today in San Mateo.
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