Blog: Mortgage Rates Hit Record Low

Now, more than ever, is the time to buy a home.

The 30-year fixed mortgage is 3.78 percent, according to Freddie Mac. The current rate is the lowest it’s been since 1971, that’s over 40 years ago.

The new low has made buying its most affordable level in more than two decades according to the National Association of Home Builders and Wells Fargo. CNN Money put it best when comparing a person who bought a home in 2006 to today.

In 2006 a person buying a home with 20 percent down had had a mortgage payment of $1,300 and today a person who buys a median price home for $162,000 would pay less than half that amount, at $600 a month.  

That’s less than most rents - what are you waiting for? Find your dream home today.

If you need help finding a home, contact me at jfrisk@millerrealtynetwork.com.

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Julianna Frisk is a Carmichael-based real estate expert.