Trying to predict mortgage rates is about like trying to predict the weather. No one gets it right every day, not even the experts.
Recently mortgage rates rose. Some might say they “spiked.” And most experts seem to be a bit surprised by how quickly the rates went up.
So, as someone considering buying a home, what do you do? Do you simply give up because the rates are higher? Do you wait for lower rates? Or do you keep looking and adjust your expectations and budget?
Remember that rates were at historically low levels, and even today, at around 5%, rates are still lower than many other times in history. Yes, mortgages will now cost more due to increased interest, but you can still buy a house affordably.
You may also find that finding a house gets a little easier since other potential buyers will drop out of the hunt. For the last couple of years, home availability has been limited, and prices have risen dramatically. Some of those trends may reverse or subside, making up, in part, for the increased interest rates.
If mortgage rates continue to rise, now is the time to buy. Experts do expect rates to increase, so consider how much it will cost you if you wait. Lower rates don’t appear to be likely in the near future.
To get a better understanding of your home buying options, connect with us. We’d love to help you understand your opportunities and options if you want to buy a house in the Metro Atlanta area.
Reach out to the Kurzner Group by phone or text at 678-869-9000.
