There’s literally never
been a better time to buy a new home
Information updated Jan 18th, 2021
Rates are estimated and will vary based on borrower credit. The estimated monthly payments shown include principal and interest only. Not included in these calculations are mortgage insurance (PMI), homeowner insurance, and taxes. Homes by Taber does not provide loans to buyers, but rather helps direct customers to the best option based on their borrowing needs. Rates, terms, and fees are based on https://www.wellsfargo.com/mortgage/rates/ and subject to change without notice. Homes by Taber does not guarantee these rates.
Estimated amounts based on 80/20 loan to value. APR/additional fees not calculated.
No, rates will never get to 0% for a variety of reasons. Mortgage rates today are driven by movements in financial markets worldwide. When the economy heats up, bond price drops, and rates increase. When the economy pulls back, interest rates tend to fall. The average mortgage rate shifts daily but has been low compared to historical rates.
We’re yet to see how COVID-19 will play out. What we do know is that mortgage rates have recently not been tracking yields on 10-year Treasury as closely as they usually do. Without the Fed’s intervention, they’d likely be much higher. What is known is that current rates are extremely low, lower than any other time we've seen. Because of this, the ideal time to buy is NOW. Waiting to buy is waiting for rates to increase.
In general, it's suggested that you lock in your rate if you’re less than 30-60 days from closing. If you’ve already locked in a mortgage rate, talk to your lender about “float-down” options. There’s a chance you could still use this strategy to lower your rate before closing. Your lender can advise you about the best time to lock in your rate.
The pre-approval process may take one to three days if you have all documentation ready to provide to the lender. Getting the required documentation to the lender quickly will allow your pre-approval process to go smoother and more quickly. After you are pre-approved, you will receive a pre-approval letter as evidence that you have a lender that has already verified your assets. The letter is typically valid for sixty to ninety days.