While inventory levels may not have West Virginia homebuyers on the edges of their seats this fall, mortgage rates certainly do. For the first time in over a year, the 30-year fixed rate mortgage is under 4%!
Not only does this pave the way for homebuyers in communities like Shepherdstown, Charles Town, Ranson, Inwood, Falling Waters, Harpers Ferry, Martinsburg and Hedgesville to make a move, but also for current homeowners to refinance and save on their mortgage.
"It's likely to be the last time we see these rates for a generation," said Realtor.com's chief economist.
The low mortgage rates have created a sense of urgency for those homebuyers who were previously on the fence in Jefferson County and Berkeley County. Such homebuyers may have missed low rates last year, but these new lows come as a second chance and an opportunity to save significantly in your monthly mortgage payment.
Even a slight drop in mortgage rates can make a difference in the long-term life of the loan. For instance, a median-priced home of $220,000 could save about $50 per month with just a 0.5 percentage point decline in a mortgage rate, according to one financial analysis.
Buying a home in West Virginia now could land you a mortgage payment much lower than if you had done so in the previous months and even year, so don't delay! If you currently own a home in West Virginia's Eastern Panhandle and are considering a refinance, just be sure that the interest rate you're getting is enough to offset the costs involved with your lender, home appraisal, and title insurance.
The Eastern Panhandle real estate market will likely see a surge in activity of both homebuyers and refinances soon. Consider this your window of opportunity to move to that home you've always wanted in Shepherdstown, Charles Town, Ranson, Inwood, Falling Waters, Harpers Ferry, Martinsburg or Hedgesville!
Contact The Kable Team today to discuss available properties in Jefferson or Berkeley County and for more information on how you can take advantage of current mortgage rates!
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