Are you considering buying a new home but feeling uncertain about whether now is the right time to take the plunge? You’re not alone. Many prospective homeowners are wondering about the current mortgage rates and how they compare to historical trends. The good news is that, despite recent fluctuations, today’s rates are still significantly better than what we saw 30 years ago. Here’s why now is a great time to buy and how Fidelis Mortgage Corporation can help you get pre-approved for a new home loan.

Historical Perspective: Mortgage Rates 30 Years Ago

Let’s take a trip down memory lane to the ‘early ’80s and ’90s. The average mortgage rate in 1994 was hovering around 9%, and in some cases, it reached even higher. For instance, in October 1981, mortgage rates peaked at an astonishing 18.45%. These high rates were a product of economic conditions that included high inflation and federal monetary policies aimed at controlling it.

Today’s Mortgage Rates: A Comparative Relief

Fast forward to today, and the landscape looks much different. Even though mortgage rates have seen some increases recently, they are still much lower than the double-digit rates of the past. As of now, the average mortgage rate for a 30-year fixed loan is around 7%, which is a substantial improvement over what homebuyers faced 30 years ago. This means that borrowing money to buy a home is more affordable today than it was for previous generations.

The Benefits of Buying Now

1. Lower Monthly Payments: With lower interest rates, your monthly mortgage payments are more manageable. This can free up your budget for other expenses or allow you to buy a bigger home than you could have afforded at higher rates.
2. Investment Potential: Real estate remains a solid long-term investment. Purchasing a home now allows you to start building equity immediately, which can provide financial stability and growth over time.
3. Tax Benefits: Homeowners can often take advantage of tax deductions on mortgage interest and property taxes, reducing the overall cost of homeownership.
4. Stability and Predictability: Fixed-rate mortgages ensure that your interest rate stays the same for the life of the loan, offering predictability in your financial planning. This stability is something that renters, who may face annual rent increases, don’t have.

How Fidelis Mortgage Corporation Can Help

At Fidelis Mortgage Corporation, we understand that buying a home is one of the biggest financial decisions you’ll ever make. That’s why we’re committed to helping you navigate the mortgage process with confidence. Our experienced loan officers will work with you to find the best loan options that fit your financial situation.

Here’s what you can expect when you choose Fidelis Mortgage Corporation:

• Personalized Service: We take the time to understand your needs and goals, providing personalized advice and solutions.
• Competitive Rates: We offer competitive mortgage rates and a variety of loan products to suit your unique circumstances.
• Pre-Approval Assistance: Getting pre-approved for a mortgage can give you a significant advantage in the home-buying process. We’ll guide you through the pre-approval process, so you can shop for your new home with confidence.

Take the First Step Today

Don’t let concerns about mortgage rates hold you back from achieving your dream of homeownership. Now is still a good time to buy, and Fidelis Mortgage Corporation is here to help you every step of the way. Contact us today to get pre-approved for a new home loan and take the first step towards owning your new home.

Remember, today’s rates are still historically low compared to 30 years ago. Take advantage of this opportunity and secure your future with a new home loan from Fidelis Mortgage Corporation.