Homes in New Mexico are selling fast. Home interest rates are significantly higher in the current housing market than in the past. Here’s what you need to know, according to the team at Indigo Mortgage.
Today, rates on conventional home loans are in the upper six and low sevens, which is nowhere near the low-interest rates we recently experienced. Although rates are not what they were a year ago, we urge borrowers not to panic. The mortgage market hasn’t come to a full stop. Many people with varying situations are still in the market for homes. These borrowers will still need a mortgage, and many mortgage programs are available to them.
It’s important to remember that in the early ’80s, mortgage rates were 17%, and in the ’90s, they were at 10%. We have seen rates this high, if not higher, but they have all managed to come down. The best way to find an ideal rate is to shop around, as home interest rates will vary between mortgage lenders. With rates where they are, it’s always a good idea to use a local lender to help you navigate the market. At Indigo Mortgage in Albuquerque, we strive to find you the lowest rate possible! Reach out to our team for more information.