Mortgage Interest Rates Are Going Up… Should I Wait to Buy?

 In Blog Post, First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers

Mortgage Interest Rates Are Going Up… Should I Wait to Buy? | Simplifying The Market

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact that they may no longer be able to get a rate below 3.5%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades:

Mortgage Interest Rates Are Going Up… Should I Wait to Buy? | Simplifying The Market

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

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Eric Auger, Entrepreneur, Innovator and Realtor. If you enjoyed this content and are ready to take the next step, you can find out how much your house is worth in minutes here or you can start your home search using the fastest listing notifiation system in the industry here. (faster than Zillow, Realtor dot com and Trulia)
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