[excerpt from a Texas REALTORS® article on February 02, 2021]
The average rate for a 30-year fixed-rate mortgage was 2.77% as of January 21, according to Freddie Mac. The average was 3.62% in January 2020 and 4.46% in January 2019, 85 basis points and 169 basis points higher, respectively, than the current rate. A buyer who purchases a $300,000 home at the average rate today would save just over $100,000 during the mortgage term compared to purchasing the same home two years ago—and the monthly payment would be almost $200 less.
Limited housing supply and low mortgage rates have contributed to increased competition and home prices, but the cost of borrowing money for a home is currently so low that buyers may be able to afford more than they would have one or two years ago.
For the full article, visit:
210 Realty Group offers a wide range of Real Estate Services in metro San Antonio to help find your next forever home, sell your current home or expand your investment portfolio. Our agents have years of experience in and around San Antonio and are ready to tackle all your real estate needs. We know that buying & selling can be very stressful, which is why we cater our services to fit your specific needs. Give us a call today at 210.515.4885 and see how 210 Realty Group can streamline the buying and selling process for you. We can help you determine what you should sell your current home for and what is a fair market price for your new home.