Will Higher Mortgage Rates Continue?

There’s no denying mortgage rates are higher right now than they were in recent years. And, when rates are up, that affects overall home affordability. It works like this. The higher the rate, the more expensive it is to borrow money when you buy a home. That’s because, as rates trend up, your monthly mortgage payment for your future home loan also increases. This affects potential buyers by reducing the availability of affordable homes and can lead to fewer properties on the market as existing homeowners hold onto their homes to maintain lower interest rates.

While some people are delaying their plans due to current mortgage rates, it's uncertain when or if rates will drop. Forecasts suggest a potential decrease in the coming months, but recent data indicates rate increases, highlighting the unpredictability of mortgage rates.

The advice is not to attempt to control factors beyond your influence, such as interest rates. Instead, focus on building a team of professionals, including a trusted lender and real estate agent, who can provide market insights. The key is to concentrate on finding the right property and prioritize assembling a team of reliable professionals to guide you in your real estate journey. When you're ready to start the process, let’s connect.