New Mexico houses are quickly being sold. In the current housing market, mortgage interest rates are considerably higher than they were in the past. Here's what you need to know, according to the Avance Group crew.
Rates on standard home loans are currently in the upper six and low sevens, which is far from the low-interest rates we saw not long ago. Despite rates are not being as low as they were a year ago, we urge borrowers not to panic. The mortgage market hasn’t not stopped and there are still many people with varying situations in the market for a home. There are a variety of loan programs available to borrowers.
Rates Have Been Higher!
Despite the rates being high compared to that of the mid-2's we witnessed in the end of 2021 and ealry 2022, It’s important to remember that in the early ’80s, mortgage rates were close to an upward of 16 to 20%! In the ’90s, they were still hoving at around 10%. We've seen rates this high, if not higher, but they have all managed to decrease. Home interest rates will differ based on the mortgage lender, meaning that it's in your best interest to compare different companies before settling on one. In today's economy, it's a great idea to use a local lender who can help you make the best choices for your particular situation. At Avance Group in Albuquerque, we want to help you save money, so please reach out to our team for more information about the lowest rate possible!
Avance Group; Your Local Mortgage Broker
If you're thinking about purchasing a home in New Mexico, Avance Group is a local mortgage broker that can help you with your home purchase, refinance, new construction, renovation, and more! Call us today at 817.524.6655 to get started!