Stateline families take advantage of record low mortgage rates and interest rates
SOUTH BELOIT, Ill. (WIFR) - Right before the 4th, mortgage rates dropped to a new record low for the 5th straight week. One South Beloit couple took advantage of the new record rate for a major upgrade in homes.
Andrew and Kayla Scheffer worked with Quantam Mortgage to move into a home hundreds of thousands of dollars higher than their current home.
Much of this upgrade is driven by how much lower the Scheffer’s monthly mortgage payment will be, due to the never lower mortgage rate of 3.35%. It’s a big reason why homes are often getting snatched up within the first few hours they’re on the market.
“The amount of house you could buy with a lower rate made your money go farther than it normally would have. We also were outgrowing our home with our 3 kids, so we decided a bigger home would be better.” The Scheffer’s say.
Sellers are reporting that these record low rates have led to bidding wars with bids thousands of dollars above asking price becoming quite common.
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