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Long-Term Mortgage Loans Reach New Lows

It’s making news. With fixed-rate mortgages are on the decline, now is the time to lock in a great rate.

Over the past two years, 30-year fixed-rate mortgages have reached their lowest levels in decades—dropping to a staggering 3.60% rate. For perspective, the same mortgage rate one year earlier was a solid 4.59%.

 

Source: Federal Reserve Economic Data

 

And the decline isn’t just for 30-year fixed-rates. 15-year fixed-rate mortgages are also on the decline as well, having dropped to 3.05% from last year’s 3.20% rate.

The decline in rates is making for a strong buyer’s market, and buyers are experiencing more power for their dollar. Let’s take a look how and what buyers are actually leveraging.

One of our available homes, Residence #1610, is priced at a modest $895,720. With Azure’s required deposit payment of 15.0% or $134,358, you’re looking at a mortgage loan amount of $761,362.

Taking advantage of the current 30-year fixed-rate mortgages with a 3.60% rate, you’re looking at monthly payments of $3,461. One year ago, that same mortgage loan would have costed you $3,899 per month. That’s a difference of $438 per month, or $157,680 more in your pocket over the life of the mortgage loan.

Locking in these low rates now, may not only save you more, but helps you one step closer to making your dream home a reality. Find out how much home you can afford based on your annual income here. And speak with one of our knowledgeable team members today to learn what Azure Ala Moana residences is the right fit for you.

Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial or investment advice. You should consult with a financial professional to determine what may be best for your individual needs.