The cost of Money | Mortgage interest rates

Mortgage Interest Rates impact market conditions and your purchasing power. If you’re financing a property, you’ll want to understand how interest rates impact purchasing power - as well the historical context for the current rates. It’s part of being a well informed buyer.

Historical interest rates since 1971.   Source: Freddie Mac

For most buyers, it’s not specifically the mortgage interest rate that they’re concerned with, it’s the monthly payment. It’s the overall affordability. This is where a great lender comes in. There are a few ways to get creative with the financing, to help ‘buy down’ the interest rate. If you’re wondering what monthly payments might look like for you, or how to keep them as low as possible - make sure you get connected with an amazing lender. They will help bring clarity! If you would like introductions to the best in the business, reach out. We’re here to help!

An individual can have up to 10 Fannie Mae / Freddie Mac (Government backed loans) at one time. These loans are standard residential loans, and generally offer the best interest rates. This includes conventional financing options, as well as FHA & DVA loans. After 10 loans for the individual, commercial financing or private money become the preferred financing options - and these generally come with a higher interest rate.

If you’re curious what current Mortgage Interest rates are - you can find that information here.