One of the drier topics in Real Estate, or so it seems. Yet for most home buyers, this is one of the most critical factors in the whole home purchase equation. The rates below were provided by my colleagues at Jolene Messmer’s Cobalt Mortgage Team.
So, the main message: mortgage rates are either stable or slightly down, depending on which loan type you look at. I keep hearing that rate will rise, that the current rates are unsustainablely low, so the main bet seems to be on WHEN rates will rise back up. So, “when”, not “if” they rise.
So, low rates keep home buying affordable, but low inventory pushes prices up. It’s challenging, to be sure. Still, though, this is one of the best times to buy. Much like the African proverb, “the best time to plant a tree was 10 years ago, the second best is now”, it’s easy to find missed opportunities, harder to see them now. For those who manage to buy in the near term, though, the appreciation should be exceptional.
