What You NEED to Know About Low Interest Rates on Homes

Lower interest rates are always a good thing when it comes to loans. But in certain markets (like housing), lower interest rates typically cause prices to go up overall to compensate supply and demand. So if you already own a home, great! Simply refinance and you can save a lot of money on interest over time. However, if you're in the market for a new home and rates are low, you need to run some numbers. Even though your monthly payment might be reasonable on a more expensive home with a lower rate, overall it might not be the best value. We don't have much control over the housing market, but it's always a good idea to plug in your own numbers in a loan calculator to compare value. Enjoy!