According to Freddie Mac, mortgage rates are at their highest since 2008 and more than double what they were just a year ago. With projections of rates rising even higher in the near future, Maronda Homes and RMC Home Mortgage have stepped in and created various financing programs to help homeowners secure the lowest rate possible.
With every additional percentage point added by the Fed, monthly mortgage payments become significantly more expensive and, in return, add thousands of dollars over the period of a 30-year loan. Due to higher rates and increasing prices, buyers in the current market pay roughly two-thirds more each month for the same house than they would have a year ago.
Why Are Rates Rising?
In hopes of taming rapid inflation, The Federal Reserve holds its firm stance on the continuance of hiking interest rates. Mortgage rates surpassed 6% in early September, forcing many homebuyers to put their dreams on hold as the cost of homeownership slips out of their financial reach.
An article recently released by ProBuilder reveals that “the best hope for homebuyers now might be to just go ahead and accept the higher mortgage rates and hope to refinance later.” However, with Maronda & our preferred lender, RMC Home Mortgages’s various new financing programs, homeownership is not only achievable but also affordable.
Reduced Interest Rates > Reduced Home Prices
We recognize that reduced interest rates have a bigger impact on homebuyers than reduced home prices. Interest rates correlate directly with monthly payments; therefore hold more value. We offer a variety of financing programs incentivizing lower monthly payments for you—something you will not find in the resale market.
What Financing Programs Do We Offer?