How to approach rising mortgage rates as a buyer
In the last few weeks, the average 30 year fixed mortgage rate inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. You may be tempted to put your plans on hold hoping the rates will fall. But waiting will only cost you more. Mortgage rates are forecast to continue rising in the year ahead.
If you’re thinking of buying a home, here are a few things to keep in mind.
How rising mortgage rates impact you
As mortgage rates go up, they impact how much you will pay in your monthly mortgage payment. This directly affects how much you can comfortably afford.
With mortgage rates on the rise, you’ve likely seen your purchasing power impacted already. Instead of delaying your plans, today’s rates should motivate you to purchase now before rates increase more.
The best way to prepare is to work with a trusted real estate advisor now. I can connect you with a trusted lender and make sure you’re ready to act quickly when it’s time to make an offer.
Bottom Line
Serious buyers should approach rising rates as a motivating factor to buy sooner. No reason to wait. Waiting will cost you more in the long run. Let’s get together so you can better understand your budget and be prepared to buy your home even before.
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