Waiting for a lower mortgage rate could cost you more money in the long run
This past year we’ve seen the lowest mortgage rates in history. While those rates seemed to bottom out in January, rates are still very low. If you’re looking to buy you haven’t missed your opportunity to take advantage of a great interest rate!
Todays rates are still below what they’ve been in decades. So while maybe you missed the lowest of the low rate the rate you can get today is still much lower than what your parents or grandparents had. The thing is rates are expected to rise so you will need to take action.
In late September rates went above 3% for the first time in month and rates are projected to inch higher in the year ahead. Now a half percentage point higher isn’t substantial, but it does have an impact on your monthly payment.
Bottom Line is… waiting for a lower rate might not happen and waiting for lower home prices could cost you with more each month if rates rise as projected.
If you have real estate questions give me a call!