Mortgage rates have skyrocketed since the beginning of year. This week we saw rates climb past 6%
If you’re needing to purchase a home do not let this scare you off. Rates are expected to continue to climb. So you’re better off purchasing now, locking in the current historically low rates, and start gaining equity.
Plus if rates do drop in the future, refinancing is always an option. Many buyers are opting to take advantage of adjustable rate mortgages which offer lower interest rates than a 30 year conventional loan. These buyers either plan to refinance or sell their home before the rate begins to adjust.
If you’re currently renting this means you’re paying 100% interest. So it is still in your best interest to purchase a home. We are seeing less buyers in the market so this means less bidding wars and competition. Take advantage now.