It's Time to Make Your Move!!
Lennox Scott Says: It’s Time To Make Your Move!
With the news that interest rates on a 30-year fixed *conforming loan have dropped below 5%, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, feels compelled to alert consumers to the fact that now is an opportune time for them to make their move on a home purchase or refinance.
"Even with speculation that interest rates could drop further, there’s no guarantee that will happen or that rates will even remain at their current level," said Scott. "In the recorded history of interest rates, they’ve never dropped this low with the exception of a brief period in 2003."
"This chart demonstrates that today’s interest rates increases a homebuyer’s purchasing power by 10%," said Scott. "This fact combined with the ample inventory of high-quality homes for sale makes this the ideal time to make your move on a home purchase."
Scott also wants homeowners to know that lower rates provide advantageous opportunities for homeowners to significantly reduce their monthly payment by refinancing. To support this statement, Scott adds that he himself is going to refinance his own home based on today’s drop in interest rates.
*Home purchases with a loan amount of $506,000 or less qualify for conforming loans
**Represents a one point buy down; information provided by Response Mortgage Services
