MINT HILL, NC – As many know mortgage interest rates have been on the rise fairly steadily since the beginning of the year.  The rise has been in part to a multitude of factors, but one of the most impactful is inflation.  As the federal reserve works to slow down inflationary figures, mortgage interest rates have followed.  This has created two sets of opinions on if this is the time to buy a home.

One opinion is to wait.  Many people believe that rates will come back down, and as rates come back down, monthly payments will be more affordable. As this may be true, others are remembering what extremely low rates caused just a year ago in the housing market.  A year ago, a home for sale would more than likely have multiple offers, in the double digits, the day the home went on the market.  Therefore, it created over-competition to where individuals were paying tens of thousands of dollars over the asking price. This made individuals make extremely quick, sometimes overly brash/emotional decisions, without having time to think.

The good news… in this market, with some buyers “waiting” for rates to come back down, the competition has been cut dramatically.  As a buyer, you can negotiate price, closing costs, repairs, etc. in which a year ago none of this was possible.  In addition, when rates do in evidently come down, one can always refinance right away.  That creates a situation in which you could have your perfect house AND perfect payment, in due time!

If any questions arise from the above, please do not hesitate to call/text/email (brandon.wolf@primisbank.com / (704) 430-6138).