SIOUX CITY, Iowa (KCAU) – The housing market is now seeing a boost after interest rates have fallen to an extreme low. Many people in Siouxland are taking advantage while on the hunt for a new home.
Interest rates have dropped as low as three percent in some cases. This is not only saving money for homebuyers but also current homeowners who are refinancing their loans.
“With interest rates this low it’s a great time to buy,” said Jason Geary, an agent at Century 21.
Homebuyers in Siouxland are taking full advantage of interest rates as they continue to fall in the U.S. during the month of August.
“It’s been the best month that I’ve had originating loans at the bank,” said April Mahr, the assistant vice president at Primebank.
A lower interest rate is giving buyers an opportunity for more housing options.
“Because of that, they can usually move up in a home. They can buy something maybe a little bit more expensive that might be a little bit new or a little bit better condition,” said Geary.
Buyers are not the only ones taking advantage. Homeowners also have refinancing options.
“Not only is it saving them in their monthly payments also interest savings, they’re shaving time off their loan, going into a lower amortization, now might be the time to take some equity out of the home to do some of those home improvements,” said Mahr.
This new lower interest rate helped Cassie Risetter refinance, shave four years off her loan, and saving her thousands of dollars.
“Once I found out about the interest rates, I immediately made some phone calls and found out how much money I could save. What would be my best options going down to a fifteen, ten, twenty. What everything would look like,” said Sioux City homeowner Risetter.
Risetter hopes others in the area are able to take advantage of these low rates.
“You know interest rates when I bought my house, I thought they were great. They were above four, and we haven’t seen these interest rates in fifteen years,” said Risetter.