If you have been trying to decide whether to buy a home or refinance your current loan to a lower rate, now may be the time to get off the fence and act. Most real estate experts believe mortgage rates will continue to go up in 2018. Freddie Mac research indicates the average 30-year fixed mortgage rate was 3.9% at the end of 2017. It is expected to jump to 4.9% by the end of 2018. So if you’re considering a mortgage in Boca Raton, now is the best time to apply.
Ace Mortgage Loan Corporation specializes in mortgages in Boca Raton. Call us to get started today.
The increase in mortgage rates also dims prospects for would-be homebuyers struggling to compete in a housing market where fewer homes on the market continues to drive up prices. And it’s not only mortgage rates are jumping higher. Housing prices are also climbing in most cities.
According to Zillow, the median home value in Boca Raton is $331,500. Boca Raton home values have gone up 5.5% over the past year and Zillow predicts they will rise 3.5% within the next year. The median price of homes currently listed in Boca Raton is $400,000, while the median price of homes that sold is $319,300.
Here are a few factors to help you determine if now is a good time to apply for a mortgage in Boca Raton:
- Credit score
- Down payment
- Closing costs
- Home price
A more expensive home means more significant payments. One of the simplest ways to lower your payments is to choose a less pricey area, or a less expensive home, even if it means giving up some of the features you want. The experienced staff at Ace Mortgage Loan Corporation can help you pre-qualify for a mortgage in Boca Raton. Call us today at 954-777-4774 to get started. We look forward to helping you find your dream home.