[fusion_text]If owning a home in 2019 is on your bucket list, don’t wait. For the first week of the new year, mortgage rates hit a 4 month low according to Freddie Mac—a 30-year-fixed-rate mortgage averaged 4.51%.[/fusion_text][imageframe lightbox=”no” lightbox_image=”” style_type=”none” hover_type=”none” bordercolor=”” bordersize=”0px” borderradius=”0″ stylecolor=”” align=”none” link=”” linktarget=”_self” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ animation_offset=”” hide_on_mobile=”no” class=”” id=””] mortgage rates[/imageframe][fusion_text]Historically, mortgage rates tend to fluctuate and if you find yourself facing even a minimal increase, that translates to real money out of your monthly budget.

Here’s How It Works

A one percentage point increase may not sound like much, but that translates into an additional $175 a month on a typical payment for a $295,000 home. Likewise, when rates go up, so do the requirements to qualify for a loan. If you chose to purchase a home for $250,000, and mortgage rates go up by just 1/4 of one percent (.25%), you will need to earn an additional three percent in income to qualify for the same $250,000 house! If you don’t expect your income to go up by 3%, then you must purchase a home priced 3% less.

What Would You Rather Pay For?

Using our example above, let’s consider the long-term cost of purchasing that $295,000 home under rates just 1% higher than today. $175 additional per month times 12 months = $2,100 per year. Over the lifetime of a typical 30-year mortgage, that 1% will cost you $63,000.00.
In example 2, you’d need to take around $8,000 to account for the 3% difference. That means your budget goes from $250,000 to $242,000. Cutting $8,000 could easily equate to giving up a third bedroom, finished basement or 2-car garage.

It’s Not Too Late!

Though mortgage rates fluctuate, now is a great time to purchase a beautiful new home and avoid the risks of increase. All you need to do is choose from our incredible selection of move-in ready homes or meet with a Daybreak builder. Putting your dream “under contract” will secure the current rate for the full term of your loan if you chose a Daybreak quick move in home that can close before mortgage rates increase again.

Quick Move-in Homes

Take a look below at a few of Daybreak’s move-in ready homes to see what’s available. See more home at Daybreakutah.com.[/fusion_text][images picture_size=”auto” hover_type=”none” autoplay=”yes” columns=”1″ column_spacing=”13″ scroll_items=”” show_nav=”yes” mouse_scroll=”no” border=”yes” lightbox=”no” class=”” id=””][image link=”https://www.daybreakutah.com/whats-happening/inventory/10703-s-lake-terrace-ave/” linktarget=”_self” image=”https://media.daybreakutah.com/wp-content/uploads/2019/01/S_10703-Lake-Terrace-Ave-768×457.jpg” alt=””][image link=”https://www.daybreakutah.com/whats-happening/inventory/5168-lake-terrace-ave/” linktarget=”_self” image=”https://media.daybreakutah.com/wp-content/uploads/2019/01/S_5168-LakeTerraceAve-1.jpg” alt=””][image link=”https://www.daybreakutah.com/whats-happening/inventory/6374-w-meadow-grass-dr/” linktarget=”_self” image=”https://media.daybreakutah.com/wp-content/uploads/2019/01/S_6374-Meadow-Grass.jpg” alt=””][image link=”https://www.daybreakutah.com/whats-happening/inventory/11497-s-holly-springs/” linktarget=”_self” image=”https://media.daybreakutah.com/wp-content/uploads/2019/01/S_11497-Holly-Springs.jpg” alt=””][image link=”https://www.daybreakutah.com/whats-happening/inventory/10612-s-beach-comber-way/” linktarget=”_self” image=”https://media.daybreakutah.com/wp-content/uploads/2019/01/S_10612-Beach-Comber-1-768×457.jpg” alt=””][/images]