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Mortgage Interest Rates Are Still Super Low

Justin Harnish

Justin Harnish, a third generation Oregonian, has been raised in the steep of all things real estate...

Justin Harnish, a third generation Oregonian, has been raised in the steep of all things real estate...

Dec 8 2 minutes read

Lately, the average mortgage interest rate has been remarkably low. The average rate for a 15-year fixed-rate mortgage fell to 2.2% in January 2021. It’s the lowest it’s been in 30 years. The Federal Reserve is likely to hike interest rates up to around 3.5% for 30-year fixed-rate mortgages in 2022, according to economists.

What Lower Rates Mean For Buyers:

In the tough housing market of today, what’s helping with affordability? Low interest rates. But don’t let that persuade you into buying a house you aren’t ready for. Even if you have a super low interest rate, if it’s on a house you can’t afford it’s a bad deal.

So remember Harnish Real Estate’s advice on monthly payment limit, down payment amount and mortgage type: 

  1. Limit your house payment to no more than 25% of your monthly take-home pay.

  2. Save at least 10–20% for a down payment.

  3. Choose a 15-year fixed-rate conventional mortgage. 

What Lower Rates Mean For Sellers:

If interest rates stay low, buyers will be more to quickly buy your home, but if interest rates start to increase, then expect your house to be on the market longer.  

The bottom line, when buying or selling, you need a trustworthy advisor who can help you navigate the difficult market. Contact us at Harnish Properties for best-in-class service that will get you to your dream home.

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