What Do Historically Low Interest Rates Mean for You?

The term “home sweet home” has never meant more than it does right now. And with historically low interest rates, now may be the perfect time to consider buying a new house. Are you on the hunt for a new home base in the Lone Star State? Learn more about the benefits of the recent rate cut to help you navigate the home buying process.

The Benefits of Lower Interest Rates

Timing is everything when it comes to purchasing a new home. Knowing when to buy is just as important as knowing where you want to live, your current financial situation and life changes that may prompt you to relocate. So, are low interest rates good? And what are the benefits? Here are a few reasons why this may be the best time to purchase a new home:

Lower Monthly Payments

When you buy a house, you will likely take out a mortgage. Having a low mortgage rate means lower monthly payments (and less interest over time), which gives you more buying power. This means that you may be able to purchase a new Perry Homes house sooner than you think.

Smoother Transition from Renting

If you are a first-time homebuyer, your mortgage payments may be similar to what you are currently paying in rent each month. This may make it easier to transition to a mortgage if the payments are similar. If you are curious about what today’s rates may look like for you, a mortgage calculator can help you estimate what your monthly payments may be.

Owning your own home also provides many personal advantages. When you rent a property, the landlord can raise your monthly payments as they see fit. However, a fixed-rate mortgage locks in your monthly housing expense so that you do not have to worry about scrambling to find extra money to cover what you owe. Purchasing a home also allows you to build equity, which can benefit you financially in the future.

More Home for Your Money

Lower interest rates mean you have the ability to afford more home. This may help you plan for your future needs, purchase a home with additional space or find a better-built home where the resale value may lead to better returns on your investment.

Additionally, lower interest rates mean that you will have more money to put toward design and personalization. At Perry Homes, we offer one complimentary design session with our Design Center to personalize your new house. From flooring and fixtures to cabinets and countertops, our team will work with you to choose the perfect embellishments to round out your new home’s design. Whatever you want to customize in your new house, lower interest rates can help.

Keep in mind that it is not all perks, though. Lower interest rates typically mean more competition. As more people consider buying a home, you may encounter more bidding wars and higher home prices as a result. 

Do these historically low interest rates have you searching for a new home? Explore and compare available Perry Homes properties in desirable Texas communities to find your perfect home base today!