Mortgage rates have risen to levels we haven't seen in years...

𝗪𝗵𝗮𝘁 𝗵𝗮𝗽𝗽𝗲𝗻𝗲𝗱?
Rates have been pushed higher by recent economic data, like last week's inflation report, that is showing the economy isn't cooling off yet despite the Fed raising policy rates since March. Markets are now preparing for the Fed to raise rates even higher through the end of the year and into 2023, in order to quash inflation. Mortgage rates have already started to move higher the last few weeks on the expectations.

𝗦𝗼, 𝗵𝗼𝘄 𝗵𝗶𝗴𝗵 𝘄𝗶𝗹𝗹 𝗿𝗮𝘁𝗲𝘀 𝗴𝗼 𝗮𝗻𝗱 𝘄𝗶𝗹𝗹 𝘁𝗵𝗲𝘆 𝗰𝗼𝗺𝗲 𝗯𝗮𝗰𝗸 𝗱𝗼𝘄𝗻 𝘀𝗼𝗼𝗻?
As you can tell from the headlines about stocks, markets are volatile right now. Although it is possible rates could improve, the current forecast is that rates are going to move even higher. We will eventually see rates come down again, but that is only likely when the economy slows down and we could see a recession.

𝗜𝘀 𝘁𝗵𝗲𝗿𝗲 𝗮 𝘀𝗶𝗹𝘃𝗲𝗿 𝗹𝗶𝗻𝗶𝗻𝗴 𝘁𝗼 𝘁𝗵𝗲𝘀𝗲 𝗵𝗶𝗴𝗵𝗲𝗿 𝗿𝗮𝘁𝗲𝘀?
Higher rates are no fun - period. Paying more each month for a home than you thought you would pay is a downer.

Higher rates are opening the door to more homes, and it is helping restore balance to the housing market. You can now find homes to purchase that aren't in a bidding frenzy, and borrowers getting a mortgage are not finding as much competition from cash buyers. Less demand means you have a better shot of landing your dream home!

I have some ideas on how to help make your payments more affordable while rates are higher. Contact me today and I'll tell you why now is still a great time to buy a home, and how I can help!