<< Back to Community News

Don’t Miss These Low (Really Low!) Rates

Veranda - Don’t Miss These Low (Really Low!) Rates

January 15, 2021

Last January, the average rate of interest on a 30-year mortgage was 3.62 percent. In January 2019, the average rate was 4.46.

Now, the average 30-year mortgage interest rate is 2.90.

That doesn’t seem like much of a difference — but it is. In 2019, financing $300,000 for 30 years at the average rate would give you a monthly mortgage (principal and interest) of $1,513 and you’d pay a total $544,656 over the life of the loan. Last January, that same loan would have resulted in monthly payments of $1,367 and you’d have paid $492,232 over 30 years.

People financing $300,000 this month would have a $1,249 monthly mortgage. The total cost of the mortgage would be $449,528.

What would you do with an extra $264 or $118 a month? Or $95,000 or $42,000?

That’s what these historically low interest rates mean — more money in our pocket.

They also mean you could buy more house today than you could have one or two years ago. If your budget allows for $1,400 toward principal and interest of a mortgage, last year’s $300,000 home turns into a $330,000 home this year. And if you can afford the $1,513 monthly mortgage a $300,000 home would have brought you in 2019, you can buy a $365,000 home this year. That’s more bedrooms, a bigger backyard, a theater room or perhaps that outdoor kitchen you’ve always wanted.

More purchasing power also means you can move to a community that gives you an enviable lifestyle with an excellent location, world-class amenities and a welcoming lifestyle. A community like Veranda.

Veranda residents enjoy a location minutes from Highway 69, shopping, dining and entertainment. Closer to home, residents spend lazy summer days at the pool with its signature climbing rock wall. Expensive gym memberships are a thing of the past, thanks to an on-site fitness center and the yoga lawn. Lasting friendships are made on one of our playgrounds. And an on-site director of fun keeps neighbors connected with an array of engaging events.

So, if you’re thinking about buying a home, why wait? See the homes our builders have underway now or talk to one of our builders about building a home from the ground up. After all, these low interest rates won’t last forever!

As Seen In...

As Seen in... Houston Business Journal As Seen In...Texas Monthly As Seen in... Dallas Morning News
As Seen in...Community Impact As Seen in...Realty News Report As Seen in...Real Estate and You Magazine


As Seen In Forbes