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THE BIG QUESTION: Rates have gone up, should I wait to BUY?

Mortgage Interest Rates Just Went Up… Should I Wait to Buy?

 The answer is NO! Rates are still historically low. If you have been actively looking to buy and now have decided to wait- the current scenario- you have LESS competition with other buyers meaning  right now you have more negotiating power to get the price YOU want for the home you are buying. Do the math with your financial lender- competing in the spring with other buyers will most certainly push your sales price up – offsetting the small interest rate increase.
Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Along with Freddie MacFannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. 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 Just Went Up… Should I Wait to Buy? | MyKCM

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.

Mary DeRose Davis

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