Here are my extended thoughts on rising mortgage interest rates.
It feels like we went through a few years of astronomically low mortgage interest rates. So far this year, they’ve come back up multiple times. We’re seeing rates in the 6% range and higher these days, so money is going to be a little more expensive for homebuyers going forward.
Feel free to watch the full interview or use these timestamps to browse specific topics at your leisure:
0:00 — Introduction
0:56 — What a week it has been for rates
1:42 — The question that potential buyers need to focus on now
2:48 — Why I hope rates don’t come back down
3:42 — How this interest rate jump will actually help first-time homebuyers
5:40 — Why it still makes the most sense to buy even with higher rates
7:15 — Final thoughts
If you’re planning to buy a home, don’t get too caught up over news about rising interest rates. You missed the boat on the low rates we had at the beginning of the year, but you still have a great opportunity to secure a home and build equity. Buying remains a much better option than continuing to rent.
If you have any questions about rates, how to get qualified, or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
