Are Interest Rates Dropping?  What New Mexico Homebuyers Need To Know

Mortgage interest rates have been a hot topic this year.  With New Mexico home prices increasing, homebuyers have been hoping for a little bit of relief regarding interest rates.  Well, it looks like good news is on the way! Interest rates on a 30-year fixed mortgage dropped to 6.62%, a 16-month low, earlier this week as the June employment report came in below expectations. Federal Reserve Chair Jerome Powell also indicated that another rate cut would be possible in September if economic trends continued as they had been. Let’s look at what this could mean for the New Mexico real estate market.

Understanding mortgage interest rates

Interest rates are basically the cost of…

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Renting vs. Buying a Home in New Mexico: Which is Right for You?

The news has been pretty doom-and-gloom regarding real estate lately. You may have heard that renting is less expensive than buying a home in most areas, but does that mean you should put off your home-buying search and rent instead? The answer is—it depends. Let's look at some key factors to consider when choosing between buying and renting in New Mexico.

Financial Considerations

For many people, the financial aspect of buying versus renting will be the biggest deciding factor.  Of course, you know that you should look at what your monthly expenses will be and if you can afford them.  When you buy a home, you'll be responsible for covering property taxes and homeowners’…

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