Homebuyer affordability is at a record low with the 15-year fixed-rate mortgage resting at 3.13%. A year ago monthly payments for a $200,000 15-year fixed-rate loan at 4.15% would have cost the homeowner $1,494.00, today the same loan would come to $1,394.00, a savings of $100. CNN reports that “Buying a home is now more affordable than it has been in the last twenty years.”
According to Frank Nothaft, Freddie Mac’s chief economist, “With these historically low rates and declining house prices, the typical family had more than double the income needed to purchase a median-priced home in January.”
With these record lows, now is the time to buy a home. If you are looking to buy a home in the Denver, Colorado area call Ann Meadows at 888-860-1931.