2020 turned out to be a disaster. Coronavirus hit hard on the American economy, leaving many citizens uncertain about their future, bringing hundreds of businesses to a halt. However, historically any crisis has been a time for unique opportunities unavailable at more stable times. The corona crisis is no exception – for home buyers it is the best time to invest in real estate.
Currently, mortgage rates are at the record low levels. As of October 2020, the national average rate for 30-year fixed mortgage is 2,87%. A year ago, in October 2019 it was 3,69%. In the same month of 2015, it was 3.89%. Therefore, home buyers are better to cease this opportunity until rates go back to normal.
Let’s see what these numbers mean on a concrete example. Imagine you bought a nice 4-bedroom house in Chandler neighborhood of Phoenix for $320, 000. You paid $64, 000 as a 20% down payment and took a 30-year fixed loan for remaining $256, 000.
If you had done so 5 years ago, you would have paid $1,655 monthly (including property taxes and homeowner insurance). That totals to $19, 860 a year and $595,800 in 30 years.
However, at the current low rate, your monthly payment would be $1,511. That totals to $18, 132 a year and $543, 960 within 30-years. That’s more than $50, 000 difference! Alex Devyatov and Alex Kocharov, two experts of the Arizona real estate market, joined their effort to help people with relocation to Arizona. For more information please contact us at
Alex Devyatov – 602-370-3587
Alex Kocharov – 602-301-3087