Interest rates have been a hot topic lately in our market. So what should today’s buyers know about what’s going on?
First of all, rates have gone up, but the increase has not been as significant as anticipated. This is causing a big push for buyers to get into their next home before they rise again. And current inventory levels already pose a challenge, so today’s market has become somewhat difficult to navigate.
With low unemployment rates and our economy as strong as it is right now, rates are likely to see another increase sooner rather than later. There’s simply no reason for rates to be kept so low given the strength of our current conditions.
Whether you plan to refinance or buy, don’t put it off. Do yourself a favor and stay ahead of the interest rate hike. Just a 0.25% difference could have a big impact on affordability.
So if you have any real estate goals you’d like to take care of in the near future, please reach out. We’d be happy to connect you with a lender we trust.
Also, if you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.