Interest rates are rising and it seems likely that they will continue to do so. Historically, rates are still not bad. But a jump from 2.5% to 6% is a big jump and it’s changing the housing market and the trends we are seeing.
With inflation still very high, we should expect to see these higher rates for a while. So, what are some of the things you need to really consider in this higher rate market?
If you have questions about the mortgage process of buying a home or the ins and outs of refinancing, take advantage of our complimentary 15 minute mortgage consultation.
0:44 – What are we seeing in the market?
2:32 – Are rates the major concern?
3:33 – Will the market volatility stabilize?
4:23 – The affordability of houses
6:25 – Refinance opportunities in the future
8:32 – Considering closing costs
10:05 – Adjusting the downpayment
12:02 – Buying a house is still a good investment
QUOTABLE MORTGAGE MOMENT:
“There’s no guarantee that we’ll get a lower rate. But there’s a very high probability that rates will get better, it’s cyclical and the cycle of lower rates is very likely a little bit ahead of us.”