With mortgage rates rising quickly through March, it has many house hunters asking, "Should I still buy a home now, or should I wait for rates to drop?"
That's a great question, and here's the answer.
As a general rule, you want to still try to buy a home, despite the recent increase in rates. Of course this is dependent on many factors, and I would be glad to look at your unique set of circumstances and help answer it for you individually.
That said, now is still a great time to buy a home, and you shouldn't wait for rates to drop.
Why?
Here are a few reasons...
1. Rates are not likely to drop significantly from here, and the current economic conditions (like inflation and expected Fed policy rate hikes) support rates possibly moving HIGHER from here.
2. Home prices still aren't falling, even as rates have moved higher. There is just too much demand and not enough inventory for home prices to drop.
3. You can always refinance later if you buy a home now and rates drop in the future. Those are the general reasons, but if you want to discuss what you can qualify for and comfortably afford, as well as different loan options that are now available to you, reach out anytime.
Those are the general reasons, but if you want to discuss what you can qualify for and comfortably afford, as well as different loan options that are now available to you, reach out anytime.
Call, text, email... just reach out anytime it is convenient for you, and let's discuss how I can get you a low rate before this new fee takes effect!
