Mortgage Rates For February 13, 2024: Can a Sole Income Earner Purchase a Home?
Written By
If you’re looking to purchase a home on your own, it is possible to do so. While 61% of people buying homes are married couples, 9% are single men and 17% are single women. This means that banks are used to seeing single people buy homes. In fact, single women own over 10 million homes in the United States and are a rapidly growing home ownership demographic.
Today’s 30-year mortgage interest rates
The average daily mortgage interest rate for Thursday, February 8, 2024 is 6.75% for a 30 year fixed rate. The rate rose 0.17% from yesterday and has risen 0.44% from January 2024. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
Today’s 15-year mortgage interest rates
The average daily mortgage interest rate for Thursday, February 8, 2024 is 6.01% for a 15 year fixed rate. The rate rose 0.17% from yesterday and has risen 0.55% from December 2024. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
Is it worth buying a house if you’re single?
This is a frequently asked question. Many single people don’t know where their life will be in five or ten years – if it could include a partner or children, or if their job might take them to another state. However, when you purchase a home, you’re earning equity in your investment. If you can commit to staying in a home for several years and the market is ideal for buyers, homeownership can be a responsible and profitable option for a single person.
Can I buy a home as a single buyer?
Just like with a couple purchasing a home, the bank determines whether you can receive a mortgage based on factors like credit score, credit history, and income. The process isn’t much different for a single income earner looking to buy. Remember: the bank isn’t here to judge you, they’re here to make sure the numbers all add up. It’s not unusual for single homeowners to have more than one job, or a day job and a gig.
How big of a house should a single person buy?
This depends entirely on your goals, needs, and how much of a house you can reasonably finance. Generally, you should calculate at least 600 square feet for each person who may live there in the future. For example, you may wish to consider an in-law suite if you have aging parents.
What are the pros to buying a house when you’re single?
A smart home ownership investment is worth it regardless of your marital status, as long as you can pay the mortgage you get. A household might feel it a bit more if there’s only one income earner and they lose their job. However, you can earn equity in your home and it could open you up to other sources of income, such as renting out a room.
