Why Rising Mortgage Rates Push Buyers off the Fence

Since mortgage rates have increased over two percentage points this year, it’s natural to think about how this will impact your homeownership plans. Today, buyers are either making the decision to buy now before rates climb higher or waiting it out in hopes rates will fall. Let’s look at some context that can help you understand why so many buyers are jumping off the fence and into action rather than waiting to buy.

One factor that could help you make your decision to buy now is how today’s mortgage rates compare to historical data. Mark Fleming at First American explains, “An average 30-year, fixed mortgage rate of 5.5 percent is still well below the historical average of nearly 8 percent.” If you’re deciding whether to buy now or wait, this is important context to have. Today’s mortgage rate still gives you a window of opportunity to lock in a rate that’s comparatively lower than decades past.

The buyers who are springing into action now are also eager to get ahead of any further increases. Why? When mortgage rates climb, they impact the monthly mortgage payment you’ll have on the home you’re buying. Basically, it’ll likely cost you more to buy a home if you wait. Experts say mortgage rates will rise (although more moderately) in the months ahead.

So, if you’re ready and financially able to buy now, it may make more sense to get off the fence and make your purchase soon. As Nadia Evangelou at NAR says, “With even higher interest rates on the horizon, I don’t see any reason to hold off from purchasing a home right now. If you feel financially secure, you should start looking for a home.”

To decide what move is best for you, DM me so you have expert advice on your side.

#expertanswers #stayinformed #staycurrent #powerfuldecisions #confidentdecisions #realestate #homevalues #homeownership #homebuying #realestategoals #realestatetips #realestatelife #realestatenews #realestateagent #realestateexpert #realestateagency #realestateadvice #realestateblog #realestatemarket #realestateexperts #instarealestate #instarealtor #realestatetipsoftheday #realestatetipsandadvice #keepingcurrentmatters

#Sellyourhouse #moveuphome #dreamhome #realestategoals #fenton #holly #lakefenton #linden #realestate #homeownership #homebuying #sellersmarket #realestatetips #realestatelife #realestatenews #realestateagent #realestateexpert #realestateagency #realestateadvice #realestateblog #realestatemarket #realestateexperts #realestateagents #instarealestate #instarealtor #realestatetipsoftheday #realestatetipsandadvice #keepingcurrentmatters #priceappreciation #expertanswers #stayinformed #powerfuldecisions #housingmarket #househunting #makememove #homegoals #sellyourhouse #moveuphome #dreamhome #confidentdecisions