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“Mortgage interest rates can’t go any lower!” That’s what many Americans have been saying for the last seven years. Well, thanks to Brexit and other global economic factors, rates continue to drop.

Several lenders have priced their 30-year fixed rate mortgage around 3.00% to 3.50% (based on the qualifications of the borrowers).  Those awesome rates are about as low as a five-year car loan rate!

In most markets, especially here in Dayton, Ohio, the low mortgage rates suggest homeownership is very affordable.

For example, a $100,000 mortgage would bring in a total housing payment of approximately $700. With rental rates increasing dramatically since 2009 and another 8% in 2016, a renter will be hard pressed to find a $100,000 home to rent for much less than $1,000 a month.*

Okay, so low mortgage rates mean everyone should own a home, right? Not so fast! Low fixed rate mortgages and low housing payments are a sure tell sign homeownership is attractive and affordable. But consider the following additional factors before making a final decision…

  • Many millennials are transient and still looking for their dream job. Will you be moving again in less than 1 year?
  • Are you handy? No more calls to your landlord to fix the running toilet.
  • Have those life changing events like getting married and having a child yet to arrive?
  • Take advantage of YouTube and Khan Academy to learn more about the home buying process and benefits to homeownership.
  • Get pre-qualified and learn about the various mortgage products that are right for you. Did you know you can buy a house with no money down or little money down?

There are several benefits to homeownership. Most of us would love to save hundreds a month on our housing payment and take ownership of our property. Build the Man Cave! Paint the bathroom without having to request landlord permission. The benefits are endless!

But, wait! There is certainly nothing wrong with renting, especially when it fits your lifestyle. So, be smart, informed and responsible with your housing decisions. Day Air is always ready and willing to help its members with financial decisions, so please let us know how we can help.

John Theobald | Vice President of Lending

*According to, nearly 90% of property managers have increased rental rates since 2009. Furthermore, rents are expected to increase again by another 8% in 2016.

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