In February 2020, Freddie Mac reported that 30-year fixed-rate mortgage averages of 3%-4%. In July of 2020, it fell below 3% and has remained there since then — the lowest level that the company has measured since it began tracking these rates in 1971.
Savings over time
Rates this low can have both substantial short-term and long-term benefits for home buyers. Even an interest rate reduction by a fraction of a percent can make a difference — over the course of a 30-year period, savings can mount into the tens of thousands.
For example, say you decide to buy a home for $250,000 at an interest rate of 4%. At this level of interest, your monthly payment would be $833.33. But at the current rate of 2.73%, your payment would be reduced drastically to $568.75 per month, saving you over $50,000 over the course of a 30-year fixed loan.
Take advantage of low interest rates by building a home
With interest rates as low as they are, competition has been driven up and housing inventory has reached record lows. According to Realtor.com, housing inventory in the United States declined 39.6% in 2020. Because supply and demand are currently mismatched, active inventory of homes in the state are down. When you’re looking to invest in a new home and lock in low rates, how do you mitigate this challenge?
Creating a custom home is an ideal solution. A custom home is an excellent way to circumvent low inventory, which is especially vital when homes may become unavailable in Oklahoma. By building a home, you can take advantage of low interest rates while designing interiors and exteriors that you can fully personalize to suit your needs. The process of building a home differs from buying a move-in-ready home in a variety of ways.
At Timbercraft, we simplify new home construction with our Personalize Your Home option. Over the course of six meetings, we work hand-in-hand with you to ensure we’re on the same page throughout the process with no unwanted surprises throughout the way.
The first step in Timbercraft’s Personalize Your Home option is choosing the available community that is right for you, including:
Chisholm Creek Farms: This Edmond, OK community is located close to entertainment, shopping, cultural, and sports destinations.
Princeton Parke: Located in Edmond, OK, this community is located minutes from shopping, sports destinations, and Deer Creek schools.
Sara Vista: This Yukon, OK community boasts quick access to several highways, shopping destinations, Will Rogers Airport, and has one of the top three school districts in Canadian County.
Twin Silos: Located in Edmond, OK, this community is perfect to lovers of the great outdoors and is in the award-winning Deer Creek public school district.
Highland Pointe: Located in Oklahoma City, OK, Highland Pointe is a short walk to over 200 restaurants and entertainment venues. The neighborhood is also a quick drive to downtown Oklahoma City.
We understand how challenging it can be to buy or build a new home and that’s why we ensure that every detail is presented to you up front to preserve your peace of mind.