When you are thinking about purchasing a home, there are many factors that can influence your decision and what choices you have. Miller & Smith is proud to be one of the leading homebuilders in the area, with new homes in Virginia, Maryland, and Delaware. Because interest rates are currently hovering at record lows in these regions, future homeowners have the best opportunity as they’ve ever had in recent years to snag the home of their dreams.
In Maryland, Virginia, and Delaware, mortgage interest rates continue to drop and are wavering around record lows. According to Zillow, based on a 30-year fixed mortgage with 0 points, the average interest rates stand at 3.43% (MD), 3.48% (VA), and 3.5% (DE) as of February 3rd – the lowest they’ve been over the past few years.
These local interest rates also reflect the nationwide decrease in rates over the last few months as shown by the Bankrate graphics shown below. Although this is true, interest rates in the local housing market are actually lower than current national average numbers.
While many of our new homes are built in the DC Metropolitan area, these interest rates are also below the average national numbers as of February 3rd, 2016. According to Bankrate, a 30-year fixed mortgage will have a rate of 3.79% with 0 points, and a 30-year jumbo mortgage will have a rate of 3.59% with 0 points.
Although these low rates make right now the best time to buy a new home, they are projected to begin rising by the end of this year, according to experts. Part of the reason for this projected rate increase is due to the Fed’s plan to hike interest rates for the first time in over a decade.
Don’t wait to discover the perfect place for your new Miller & Smith home! Check out our communities throughout Virginia, , Maryland, and Delaware at www.millerandsmith.com.