Rising Mortgage Rates - What You Should Know

After steadily falling over the winter, mortgage rates have started to rise in recent weeks. This is concerning to some potential homebuyers as the combination of higher mortgage rates and higher prices have made homes less affordable. So, if you’re planning to purchase a home this year, you too may be wondering if now’s the right time to buy or if you should hold off on your search until rates come back down.

“Mortgage rates increased across the board last week, pushed higher by market expectations that inflation will persist."

The most recent average 30-year fixed mortgage rate reported by Freddie Mac is 6.5%.

Advice for Buyers

If you’re thinking about pausing your home search because rates have started to go up again, you may want to reconsider. This could actually be an opportunity to buy the home you’ve been searching for. If you stay the course, you’ll likely face less competition among other buyers!

Let’s connect today to explore the options in our local market!