Buy a New Home While Interest Rates Are Still Low

By John Rives

Mortgage interest rates have fallen a half point over the last week after going up approximately 1½ percent in the last few months. The quick rise in interest rates slowed home sales in July, but the housing market picked up in August. Even with the rise in interest rates to over 4.7 percent for a 30 year fixed mortgage, most home buyers realize that the interest rates are still historically very low, and once the Fed drops its $85 billion-a-month stimulus program, the rates are bound to rise rapidly. With the recent drop to around 4.25 percent for a 30 year fixed mortgage, home buyers have another chance to buy a new home at exceptionally low interest rates.

30-year mortgage rates

Interest rates spiked in June from fear that the Fed would back off on stimulus program.

While some homeowners are refinancing their existing mortgage to get a better rate and lower their monthly payment, there are many homeowners and renters that are shopping for new homes. With the overall inventory of available houses still tight, it makes sense to buy a new home as the initial cost is about the same as a pre-owned home but there is a large savings in energy bills and maintenance. In addition, homebuyers can often get the features they want in a new home without having to spend their weekends, remodeling a pre-owned home that they just purchased.

A typical family of four will spend over $4,000 a year on utilities and over $3,000 a year on maintenance for a 15 year old 2,500 sq. ft. home. With an energy efficient new home, the utility cost will be around $3,000 a year and maintenance costs are almost zero. That results in a savings of over $4,000 a year with the additional benefit of having more time on weekends to do something other than home maintenance.

In addition to being more energy efficient, new homes generally have more bathroom space, larger closets, higher ceilings, efficient kitchen design, and more storage space. Home buyers that are looking for communities with amenities such as swimming pool, clubhouse, golf course and walking trails, will also benefit from buying in a new modern community where the amenities are newer, well designed and maintained.

McKee Homes builds beautiful open floor plan homes in desirable neighborhoods in the Fort Bragg and Fayetteville, NC areas. Large open kitchens with granite counters and hardwood flooring, plenty of storage space, mud rooms, bonus rooms and finished third floors are just a few of the features offered to families looking to get the most bang for their buck.

Our neighborhoods are family-friendly and all within a short drive to Fort Bragg. We have two communities in Anderson Creek Club offering amenities such as golf, swimming, and tennis. The Cottages at North Ramsey, in one of the best location in Fayetteville/Fort Bragg, offers detached townhome style cottages with exterior maintenance and lawn maintenance included which are ideal for busy professionals, military families, and retirees.

The McKee Homes website has detailed information about our neighborhoods, floor plans, and available properties. If you have any questions, you can start a live chat with one of our agents right on the website, or just give us a call at 910-672-7296. We’ll be happy to help you find the perfect home in the best neighborhood for your family.

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McKee Homes online marketing manager

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