Should I buy a house now or wait for rates to go down?
Given current situation where interest rates are increasing it prompts the question of whether it is better to make a purchase now or wait for rates to decrease. As the saying goes, "what goes up must come down," indicating that rates will eventually decrease. This presents an opportunity for you to benefit from the high rates by purchasing a house at a reasonable price while the market favors buyers. By locking in a mortgage with rates in a higher percent range, but at a fair price, you can potentially refinance in the future when rates have dropped once again.
Yes, it is generally a good idea to buy a house when interest rates are low. Waiting for rates to drop even further may not be the best strategy because the value of houses could increase in the meantime, and you with other buyers, some of whom may offer cash and have an advantage over you. Buying now allows you to lock in a low interest rate from future appreciation of the property.
If you are ready to buy or if you are looking to refinance, contact us and let's work together. We will provide you all the necessary information that you would need to do your next steps with wisdom and a peace of mind.
I'm Jeff, your Mortgage Specialist.