Although the full repercussions of Brexit (British Exit) remains to be seen, there was a bit of sunshine for homebuyers as the average rate for a 30 year fixed mortgage dropped .6% from last year. The decline came in the wake of the United Kingdom exiting the European Union.
In 2015 the average mortgage rate was 4.08%. The rate recently dropped to 3.48% and 15 year mortgages also fell from 2.83% to 2.78%.
So what does this mean to a homebuyer? According to CNN Money this is a great time for those in the market to buy a home and even for those who have considered refinancing their current home. With rent prices continuing their climb, perhaps now is the time for you to consider buying a home.
Curiously enough I recently read an article on realtor.com and Arizona made the list as one of the cities across the country with some of the smallest rental units. In Tucson, Arizona a studio apartments can be as small as 398 square feet with one and two bedrooms averaging 595 square feet to 907 square feet. Although I do realize that not everyone in Arizona is calling such a small space home the fact of the matter is that rent prices continue to soar and your hard earned money only benefits the property owner. With the national average of rent coming in at $1204 a month as reported in May by rentcafe.com, Brexit could be your exit from the rental market and a new beginning as a homeowner in Prescott.
Prescott Arizona is just 96 miles northwest of Phoenix in the Bradshaw Mountains of central Arizona. With an elevation of 5,400 feet, the weather here is generally mild, with a four-season climate, annual snowfall of 24 inches, and annual rainfall of 19 inches. What better place to call home!
If you would like to learn more about home mortgage rates in Prescott and the home buying opportunities it presents, click here to contact the Kathleen Yamauchi Real Estate Group today!