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News and Events
Interest rates – What’s happening?
Interest rates were expected to climb this year, but no one thought that they would increase so quickly. Since the first of the year rates rose to over 4% and then back down to the low 3% range for a couple of weeks. They have since moved rapidly to between 5.375% to 5.75% for a 30-year fixed-rate mortgage. Historically through the years, this is still a relatively low rate, but still a shock for people who became accustomed to the 3%or lower rates. What we don’t know is how much higher they will climb. If you are thinking of building the mid-5 % range is still considered low. You do have other options. We are not bankers so talk to the lending institutions that offer construction loans to research the loans we mention here to see if they are right for you. Options are out there now or coming soon, for what they call 5/1, 7/1, or 10/1 variable-rate mortgages. This is where the loan is rate low maybe 3.25% to 3.5% and stays fixed for the first 5, 7, or 10 years. Interest rates will be a little higher for the longer fixed-rate lock times. Thereafter, the rates change based on the interest rates at that time. That’s the simplified version so talk your lender. Our best advice is if you are thinking of building, start planning now. Lenders will not accept an application for a mortgage or give an interest rate lock unless you have a set of home plans and a contract with a builder. Present your plans and contract to the bank and you will lock in at that day’s rate. The planning portion is easy with no outlay of money until you’re ready to go to the architect. Give us a call so we can guide you through the process and show you how to make it happen!
Building Material Prices
Building material prices had receded to what we thought was the new normal as of October and November 2021. They were still higher than late 2020 but not as bad as the summer of 2021. Unfortunately, the prices are spiking again. We have no idea where they are going to end up due to the transportation costs as well as other factors. It doesn’t show signs that they will be coming down soon. The only thing we can tell you is that we do everything we can to keep the price as low as possible. We check the prices at the time of contract signing and that is the number that you pay. We don’t like to use escalation clauses in our contract where you have to worry throughout the build about potential price increases being passed to you.
Thinking of building? Want to know how? Now is a great time to learn, plan and design a new home with us, virtually!
If you have been thinking about possibly building a new home or want to know if you can, now is a great time to do it! In-person or VIRTUAL! You can speak to us from the comfort of your home via your computer or iPad! We have many plans and photos here on the website, but we have many other plans and photos to show you in person or at a virtual meeting. Some of the plans on this site have been built in several different configurations and one of those may interest you. We can also create a new home design. Give us a call at (315)374-4531 and we can schedule a time. Prepare and plan now before interest rates go up!
"We're just as friendly after the build, as we are in the beginning!"
What separates Martin Custom Homes from the other builders? Call it old school if you like, but at Martin Custom Homes we feel that certain features shouldn’t cost extra. Attention to detail, although hidden from sight behind walls, is just as/or more important than features that are readily visible. Learn more
We can tell you a lot about ourselves, but it’s better for you to hear it from clients we’ve built homes for. Read here what a few of our customers had to say. We also have no problem giving you names of any of our many clients, so you may speak to them for assurance that you are talking to the right builder. Learn more