Mortgage Rates

The current mortgage rate is always a hot topic in relation to housing. Let’s address the common refrain of “rates are too high, and I’m waiting for them to come down.”

The Waiting Game. It’s natural to want the best possible interest rate. However, consider the cost of waiting. Every month you rent, you’re essentially paying 100% interest — to your landlord. Why not redirect that investment toward building your own equity?

Marry the House, Date the Rate. Think of homeownership as a long-term commitment. When looking to buy, you are marrying the house, but that doesn’t mean you are marrying the interest rate. Mortgage rates are temporary and subject to change. Date your rate and refinance when a better rate comes along. Focus on finding the right home; rates will follow.

Anticipating Rate Drops. If you believe rates will decrease, stay informed as you can always explore refinancing options. However be careful not to wait around for them to drop before buying; they could potentially increase instead.

Rates in Perspective. Rates have fluctuated dramatically over the years but the housing market has remained. Remember, it’s not just about numbers; it’s about securing your future. Follow along with Mortgage News Daily to see today’s mortgage rates and the direction they may be moving. When the time comes to move, trust an experienced ERA real estate agent to help navigate the current real estate market. Connect with a local ERA agent today!