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An article from a Chicago Lodge 7 Magazine sponsor
Take advantage of historically low mortgage rate
As of July 16, a 30-year fixed-rate mortgage fell to 2.98 percent, according to Freddie Mac. This is the first time rates have dropped below 3 percent since 1971, when Freddie Mac began tracking mortgage rates. It’s also the seventh time this year that the organization has reported a record low.
creased competition for homes. This often results in multiple offers, which yield higher sale prices.
Typically, in times of crisis, as with the country’s current battle against COVID-19, interest rates dip. While it may seem counterintuitive, an improvement in the current health cri- sis may result in rates creeping back up. If you’re con- sidering buying or selling a home, the current market
conditions are favorable.
This is motivating many people to hit the market. Lower rates mean long-term sav- ings for buyers, who may be able to expand their home-buying budget with the aid of larger loans. If you’ve been on the fence
RealEstate
LISA SANDERS
about buying a home, consider this — a homeowner who takes out a $200,000 mortgage at the current 2.98 percent rate stands to save $32,000 over the life of the loan, compared to the same homeowner who locked in the 3.72 percent rate six months ago.
This is a bonus for sellers as well, who will benefit from high buyer demand and increased budgets of potential buyers. Sell- ers are finding that the low housing inventory has led to in-
LisaSandersofDreamTownhasbeensellingrealestate for more than a decade, averaging at least 50 homes per year. Her awards include Chicago Association of Realtors Top 1% Producer, Five Star Professional Award for exceptional client service, and being featured in Crain’s Chicago Business as one of the Most Notable Residential Realtors in Chicago. Lisa is also the #1 Realtor in 60631 and a top-selling broker in 60656 and has helped many Chicago Police Department clients buy and sell
homes throughout the city.
62 CHICAGO LODGE 7 ■ SEPTEMBER 2020