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Newport News, VA - According to York County real estate agent Erin Melton with The Melton Team at RE/MAX Peninsula, potential Newport News Real Estate buyers may be wise to take advantage of historically low interest rates by purchasing a home now.
With rates at record lows, she says she's seen 30 year fixed rates as low as 4% recently. She says this could mean payments of only $1145 for a $300,000 home financed conventionally. Melton says the 15 year fixed rate is even lower, coming in at 3.25% in some cases.
"There's no question that this is a period of exceptionally low rates. Most mortgage professionals agree there is only one way for rates to go, and that is up."
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