The bad news: Yes, it's true... mortgage rates have gone up.
The good news: I can still help you get a low rate!
It's hard to believe that rates can actually go up, but they have... and they aren't likely to come down anytime soon.
𝗛𝗼𝘄 𝗰𝗼𝗺𝗲 𝗿𝗮𝘁𝗲𝘀 𝘄𝗲𝗻𝘁 𝘂𝗽?
Well, mortgage rates are increasing because the economy has rebounded from the pandemic, and inflation has become a real problem. The Fed, our central bank responsible for keeping inflation in check, will likely raise policy rates for the first time in years at its March meeting. Mortgage rates have been moving higher in 2022 as markets adjust to the expectation of the Fed's upcoming rate increase, and more increases that are expected to come this year.
𝗪𝗶𝗹𝗹 𝗿𝗮𝘁𝗲𝘀 𝗰𝗼𝗺𝗲 𝗯𝗮𝗰𝗸 𝗱𝗼𝘄𝗻?
That's a question no one has the answer to, but there is a good chance that rates may actually keep moving higher before we see them move lower again. It is important though to realize that we are seeing rates return to pre-pandemic levels, and that rates are still low when compared to the averages over the last decade.
Remember, I'm here to help, and to discuss your options.
Reach out anytime that is convenient for you, and let's talk about how I can help you get a great low rate even now that rates have moved higher, for buying a home or to refinance a home you currently own.