A New Twist in the Housing Market Story

The story of buying a home, in our communities on the Gulf Coast and throughout the United States, has had two prevailing themes over the past two years: lower supply, and higher prices.

More recently, we've had another plot twist: rising interest rates.

Understandably, many of the hopeful Mississippi and Alabama homeowners we meet at Merchants & Marine Bank have a mix of confusion and concern. "Is this a bad time to buy a home?" "Can I even afford to buy a home?"

Perspective on the Headlines ?

When the housing market is competitive and interest rates are rising, it's natural to have concerns and questions. A few pieces of perspective:??

— Even averaging around 5 percent, today’s interest rates are still low compared to the late 1980s, when averages hovered near 10 percent.?

— There are mortgage loan options that might help soften the higher-rates blow, and refinancing options should rates drop in the future.?

— The upside might be a slowing-down of the housing-price pace.?

We go into this topic in a lot more detail on the Merchants & Marine Bank blog, with advice on how to move forward if you feel like it's time to buy a home in one of our Gulf Coast communities.?

Read that full blog post here: Rising Rates: the New Twist in the Housing Market Story?

If you have more questions, need guidance, or just want to see how working with a hands-on community bank might help you as you think about making the investment into homeownership, we're happy to help. Reach out to Canvas Mortgage, a Division of Merchants & Marine Bank.?