As Mesa and Delta County homebuyers arrive at their final choice, it’s impossible to ignore how greatly their decision will influence their future. Five, ten, twenty—or more— years from now, the purchase will likely have shaped a lot of what’s to come. Buying a home in Mesa and Delta County at this point in time may be seen to have been a great move for the family. Or not. It’s a truism that puts most homebuyers in a thoughtful state of mind.

A prime facet of what will come to be seen as a successful purchase is whether it will later be seen as a financially shrewd decision. On that score, today’s Mesa and Delta County buyers have little to worry about—particularly if they will be financing with a typical 30-year home mortgage. Everyone knows that home loan interest rates are low right now—but the real impact of how that fact will actually play out is informative.

The average interest rate over the past half-century is 7.75%, according to Freddie Mac’s official records in http://www.freddiemac.com/pmms/pmms30.html. By decade, that breaks down as—

1970s: 9.35%      1980s: 12.34%    1990s: 7.91%     2000s: 5.10%      2010s: 4.03%

For the average homebuyer during the past 50 years, that means a typical monthly payment for a $300,000 mortgage has been (principal and interest only) $2,149. Contrast that today’s buyer—when offered a 3.75% home loan, the monthly P&I will be only $1,389. Over the course of a 30-year loan, that’s a difference that works out to a savings of more than $273,600!

Back in the ‘80s, when interest rates were ballooning, buyers could only shake their heads when they heard stories about earlier generations who had financed their homes for what seemed like pennies. Those earlier mortgagees might as well have been lottery winners. It’s no stretch to foresee that years from now, future buyers facing historically average (or worse) rates may hear what today’s buyers are being offered and think it’s some wild exaggeration.

Your own envy-worthy home purchase begins with finding the right Mesa and Delta County home—one you’ll enjoy living in for years to come. Get started by giving us a call!