Mortgage rates are still at historic lows, but they’re quickly on the rise once again. They are expected to reach numbers that are higher than they’ve been in a few years, and are climbing fast. Rates have gone up to 4.28% in recent weeks, and appear to continue to progress upwards.
This sort of information can be scary if you’re considering buying a home in the future. How should you translate numbers like that for your family’s needs? What does this mean for your dreams of purchasing a new home?
The best way for you to jump ahead of the mortgage rate increases is to buy NOW!
A Steady Increase
Rates will continue to rise, according to the Federal Reserve. There’s no sign that they’ll be dropping again for a while. These rising rates mean that waiting will cause your interest rates to rise substantially versus what you could find right now. By pulling the trigger now, you can avoid a much higher rate in the future. You’ll lock in a rate that will be substantially lower than your friends who will wait a year or more to purchase.
While the temptation to “wait it out” is strong, there’s no indication that waiting will mean rates will be any lower. In fact, the trends indicate that the rates will only continue to climb higher than they’ve been in several years. By purchasing now, you can lock in a rate that will cost you less and give you an edge over the higher rates on the horizon.
Beat the Competition
The Spring housing market is just around the corner. Spring is historically the busiest time for buyers. By speeding up your purchase timeline, you can avoid the competition and secure your new home before the market goes berserk. You can save yourself from potential bidding wars and lock in a lower interest rate before they climb further.
Shopping for a home now makes sense for several reasons. You’ll be able to find the home your family has dreamed of without the competition brought by other buyers. You can purchase now free from the added stress of the spring season in real estate, all while locking in a rate you’ll be glad you secured a few months from now.
How to Make Your Move
It’s clear that now is the best time to go ahead with the purchase of your next home. But where do you start? Give us a call here at The Silva Group. We’d love to guide you along this journey. We can help you find the home of your dreams in record time so that you can reap the benefits of this exciting time in the market and get ahead of these rate increases. Give us a call today!