Have you been wondering if now is the time to buy a new home? You may just be surprised! According to a recent Bankrate article, mortgage interest rates have fallen for the third week in a row. As of January 9th, mortgage rates have dropped from 3.86% to 3.81%.
So how does that stack up against this time last year, or even the start of 2020? January 2019’s interest rate for a 30-year-fixed-rate mortgage clocked in at a whopping 4.63%. While rates have improved dramatically since then, they’ve continued to decline since the start of the new year. Just four weeks ago, the 30-year-fixed rate mortgage was 3.93%. These numbers show that the mortgage interest rates are trending downwards, making it an opportune time for buyers to purchase a new home.
Here’s a look at January’s current mortgage interest rates overall:
- 15-year fixed-rate mortgage: 3.16%
- 5/1 adjustable-rate-mortgage: 3.50
- 30-year fixed-rate jumbo mortgage: 3.82%
- 30-year fixed-rate mortgage: 3.81%
Homebuyers that qualify for a 30-year fixed-rate will pay approximately $466.53 each month for every $100,000 borrowed. With rates lower than ever, now is the perfect time to take advantage of low mortgage interest rates by purchasing a new home!
NIH Homes has some great available homes to choose from, like the three homes below.
7581 URBANDALE LANE N. Maple Grove, MN
Situated on a quiet cul-de-sac in the Woods at Rush Creek, this stunning 5 bedroom, 5 bathroom home takes luxury living up a notch. With a carefully considered design and approximately 5,000 square feet to play with, no space is wasted in this home. From the functional open concept floor plan to the sophisticated finishes, each element of this home works in perfect harmony.
Learn more about 7581 Urbandale Lane N here.
7574 URBANDALE LANE N. Maple Grove, MN
With 5 bedrooms and 5 bathrooms, this 4,200 square foot home is sure to impress! The design features an ever-popular open concept on the main level, ideal for entertaining. A fully finished lower level adds additional entertaining space with a large family room, bar, and kitchenette. The artfully appointed upper level features the master suite, additional bedrooms, bathrooms, and laundry room. Tall, expansive windows line the exterior of this home to offer an abundance of natural light. Rounding out this home is a maintenance-free deck, sunroom, and gorgeous rear foyer.
Learn more about 7574 Urbandale Lane N here.
18905 49TH AVE N. PLYMOUTH, MN
Located in the Creekside Hills community, this 6,000 square foot home resides in the coveted Wayzata School District. Its location offers easy access to the neighborhood pool and park, as well as many biking and walking paths. The home itself includes 5 bedrooms, 5 bathrooms, large indoor athletic court, grand front staircase, and screen porch with a fireplace. Sophisticated design details like expansive windows, rich wood floors, handcrafted millwork, and impressive ceiling details take this home to the next level.
To find out more about our available homes, the communities we build in, and our home building process, get in touch with our team. We can’t wait to hear from you!