Mortgage rates went up again last week and this gradual increase is to be expected over the next few months. However, at an average of 4.18 percent, mortgage rates are still at a historical low. If you are qualified and looking to stay in a certain area, right now is still a great time to buy!
The Real Estate industry is one where the supply is limited and demand is always high, especially in larger cities where building opportunities are limited. When there is more demand than supply, prices go up and long-term growth is inevitable.
When considering the rent vs. buy argument, even with rates going up, buying is the better financial decision. Buying power does diminish when rates go up, so don’t wait for rates to get any higher. Considering that a 1 percent increase can lose you approximately 10 percent in buying power, waiting to buy can mean missed opportunities.
Preparation is key for buyers. Get pre-approval and work with a realtor who specializes in the area you want to buy. A full-time agent will be on top of new listings and can negotiate things into the contract to get more for your money.
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