The Drop in Mortgage Rates Brings Good News for Homebuyers.

1. The Drop in Mortgage
Rates Brings Good News
for Homebuyers

2. What Drove Rates Down?
Interest rates are the cost of borrowing
money. When you take out a loan, such
as when you finance a home, the lender
will factor in the time period you have
to pay back the loan, the amount you
need and the overall risk of you not
repaying the loan.

3. How Low Are We Talking?
A lot of people care about the rates, but not
everyone understands what a drop from 4%
to 3.5% actually means for them. The best
way to illustrate this is to consider a £250,000
mortgage at various interest rates. -

4. What Does This Mean for Homebuyers?
All things being equal, a lower interest rate
means you’ll have a smaller monthly
payment, which makes buying a home more
affordable and reduces the total amount of
time you have to be in the home before it
pays for itself.

5. Be Patient and Shop Around
Since the drop in mortgage rates is recent,
many buyers who already had their eye on a
home or were thinking of purchasing are in
a hurry to get their application in and make
an offer.

6. How can homebuyers take advantage of this
If you have been thinking about buying a
home, now is a great time to do so. Interest
rates have recently been at historic lows, so
you can get a mortgage at a very
reasonable rate. - If you have been saving
up for a down payment,

7. Thank you for watching