Currently the mortgage rates are still at an all time low so if you are in the market for finding the right home to buy, now is the time to do it. There are plenty of homes in Utah that are for sale and one of them may just fit your idea of the perfect dream house. It is easy to look up the real estate mls online. If you are thinking of buying a home in St. George, Utah, just enter that criteria into your search options. You should also look up the mortgage rates in Utah so you can get an idea of what to expect when you get your mortgage loan.
Taking advantage of the current low interest rates will save you a significant amount over a 30 year loan. The Federal Reserve was buying up $85 billion in mortgage bonds so that was helping to keep the mortgage rates down. There was a recent announcement that the Feds were going to stop this practice, so everyone can expect the mortgage rates to start going up again. There is still a little time left to get some of the best mortgage rates out there though. Some of the mortgage rates are hovering right around the 3 percent mark for a 30 year fixed mortgage. There are other loan options and terms available with excellent mortgage rates right now too.
So let’s say you get a 15 year fixed mortgage at 2.88 percent interest. You can expect to pay around $35,000 in interest over the life of the loan. A 1 percent increase could mean an extra $13,000 in interest. So you see even a 1 percent jump in mortgage rates can mean paying a lot more for your house. Prospective homeowners can contact their lender and get pre qualified for a home loan. Home buyers can also go to the websites for all the major lenders to see what they have listed as their current mortgage rates. If you do not want to take the time to find the best rates and the best lenders, contact a mortgage broker for help. They can give advice on which lenders are offering the best mortgage rates right now.
Learn more about this topic here.