We love homes and home design here at Mystical Living, but let’s face it — owning a home means taking on a big commitment. AKA a big mortgage. It can be pretty daunting, especially for first time home owners.
After all, no one likes debt. But the good news is — there’s good debt and bad debt…and mortgage debt is the good kind. Especially now. You can’t beat these rates.
According to new data from the Freddie Mac Primary Mortgage Survey released Thursday, the 30-year fixed rate mortgage is at 3.05% for the week, up from 3.02% a week ago but down from 3.36% a year ago.
Think of it – you can borrow money at basically 3% for thirty years! Considering inflation normally runs at about 2%, that’s a pretty good deal.
And, after all, you’ve got to live somewhere.
For those thinking they’ll move or pay off the mortgage before 30 years are up, consider the 15 year fixed rate mortgage. It’s average is now at 2.38%, up from 2.34% but down from 2.77% a year ago.
The reality is, your home is an investment. And, with the proper planning you can make this very cheap money work for you. It’s called leverage and it’s used all the time in finance. Your opportunity is to use debt in positive ways to help grow your net worth.
By buying a home and fixing it up yourself, you can increase your nest egg. And, if nothing else, you can live in it!