In the last few weeks, the average 30-year fixed mortgage rate from Freddie Mac inched up to 5%.
What does the news of rising mortgage rates mean to you, as a buyer right now? That timing has never been more important. If you are questioning the timing of their home search, waiting will only cost you more, as mortgage rates are expected to keep rising in the year ahead.
Mortgage rates play a significant role in your home search and rising rates impact how much you can comfortably afford. Even a quarter-point increase can have a big impact on your monthly payment.
Instead of delaying plans, be wise to view today’s rates as motivation to purchase now before rates increase more. Energizing a search and planning next steps accordingly, is recommended.
The very best way to prepare is to work with a trusted real estate advisor like Dennis Hartley, right now. He can connect you with a trusted lender, help you adjust your search based on your budget, and make sure you’re ready to act quickly when it’s time to make an offer.
Let Dennis’ expertise in this complicated market open a gateway to your understanding the entire process, and prepare you to buy your home before rates climb higher.
Photo by Benjamin Voros on Unsplash
