[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=””] [/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]
Where To Start Your Tour
6172 W. Lake Avenue South Jordan, UT 84009 801.446.9022
Enjoy a croissant and a cup of chai in our combo information center-café. Then learn all about the Upper Villages and our newest thinking as you prepare to tour 14 model homes in Highland Park and six models in our newest 55+ village, Springhouse.
Take Bangerter Hwy. to South Jordan Pkwy (10400 S.). At the roundabout continue towards Lake Avenue. Follow Lake Avenue, look for signs to The Hub and Model Homes.
10491 S. Lake Avenue South Jordan, UT 84009 385.529.4741
Situated on the shores of Oquirrh Lake, this is where you explore the opportunity to own a new home in Daybreak’s beautifully maturing Lower Villages, including our emerging Downtown districts and our one-of-a-kind Lake Village and The Island.
From I-15 or Bangerter Hwy. go west on South Jordan Parkway (10400 S). From there follow the signs to the Lake Cottage Information Center.