Should you wait for a lower mortgage interest rate???
Should you wait for a lower mortgage interest rate?⠀
This is a question I've been getting a lot lately, especially as interest rates have reached record lows over the past year. So, should you wait for them to go even lower before buying? Here's what you need to know:⠀
1. As rates are projected to increase in 2021, it is wise to take advantage of the low interest rates that are available now.⠀
2. The combination of increasing interest rates and home prices impacts the overall cost of purchasing a home. A higher rate = a higher monthly payment, since your interest rate is worked into your monthly cost.⠀
3. It's better to act now rather than wait for future rate declines that may never come. ⠀
4. If you've found a home that fits your needs and your budget, don't wait! You will certainly benefit from taking advantage of the current rates. ⠀
Have other questions about mortgages or interest rates? Don't hesitate to ask! Send me a message or leave a comment with any questions below.