Mortgage Interest Rates Are the Lowest They’ve Been in Three Years!

If you live in Pittsburgh and have been holding out on buying a house because you feel like you’ve been priced out of the market or that the interest rate is too high, I have good news for you - mortgage interest rates have dropped to their lowest point in three years.

Here’s what that means for homebuyers…

Lower Monthly Payments

One of the biggest benefits of lower interest rates is reduced monthly mortgage payments. Even a small decrease in your interest rate can equate to saving hundred of dollars in your monthly payment, and thoughts of dollars in interest over the life of the loan.

That means:

• More breathing room in your monthly budget, making homeownership more sustainable

• Greater long-term financial stability

  
  

Increased Buying Power for Today’s Home Buyers

When interest rates drop, your buying power increases. That means that the same monthly payment can now qualify you to buy a higher priced house. For buyers who previously felt like they were priced out of the Pittsburgh market, this can be a game-changer.

This means:

• Larger homes with more upgrades

• Nicer neighborhoods

• Top-rated school districts

Less Competition as Buyers Re-Enter the Market

Not all buyers have jumped back in and started taking advantage of the lower interest rate.

Getting a preapproval and starting the home buying process early means…

• Less competition from other buyers

• Less multiple-offer situations

• More negotiating power when it comes to price and terms

  
  

An Opportunity for Move-Up Buyers

If you’ve outgrown your current house or aren’t yet living in your dream home, move-up buyers can also benefit from lower interest rates - especially when they pair it with the equity that they already have in their existing home.

This means…

• You can upgrade your house without dramatically increasing your monthly payment

• Lock in a more favorable long-term loan

If you’ve been thinking about buying a home in Pittsburgh, now is the time to get pre-approved with a lender and understand your options. I’d be happy to help you create a plan that fits your future goals.