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Hi @diane franzen! Well, interest rates are the lowest we've ever seen and they'll stay low through at least 2023, so it's good if you want a low mortgage rate, but those low rates are pushing already high real estate prices even higher in many parts of the country! But I think the answer to whether now is a good time to buy a home depends more on your personal finances than what the real estate market is doing at any time.

You don't say whether you'd finance your home with a mortgage or if you have enough saved to pay cash. Either way, you also want to be sure that whether you pay cash or make a down payment that it doesn't eat up all your savings so you're prepared for a big repair. Make sure if you're comparing the costs of renting vs. buying that you factor in all the monthly expenses for homeownership (not just the mortgage, but also insurance, property taxes and any HOA fees). Good luck!

Hi @diane franzen! Dear Penny is right—it all depends on your personal financial situation. We dive into it a little more in this article.

If you are looking to finance a home, we are seeing historically interest rates that could help consumers save in the long run. According to a survey from The Mortgage Reports, the 30-year fixed rate mortgage will average around 3.18% through 2020. To get a sense of how much this could save, here is an example. A homeowner who refinances her 30-year $300,000 mortgage and lowers her interest rate from 4% to 3.18% could save over $130/month or nearly $1,600 for the year. That’s a big difference in savings for a less-than-one-percent interest decrease!

@Olivia posted:

At 72 would a 30 year mortgage be the best option? Do you want it paid off before you kick off or just want to live somewhere cheaper than renting? We're in a similar situation, a bit younger than you, and are considering a 15 year mortgage and paying it off sooner as funds become available.

Would a bank even accept a 30 year repayment schedule if you are over 70? I am just curious.

@diane franzen It sounds like this could be a smart move since you'll be paying cash. Having no rent/mortgage payment will definitely make retirement a lot more comfortable! @Leslie Kay Banks are prohibited by the Equal Credit Opportunity Act from considering age as a factor in whether they'll lend to you, but of course, you still have to show your ability to make payments. Lenders will usually consider income from Social Security, a 401(k) or IRA, a pension, etc., in determining whether you qualify for a mortgage.

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