Now is the time to think about locking in great rates while they last.
Because interest rates are on the rise, now’s the time to start thinking about locking yours in. Many top banks and economists are projecting four interest rate hikes this year, and those increases have already started! Remember that if interest rates go up 1%, your buying power goes down by 11% with the same down payment. Rates impact what type of home you can buy, and we’re in a low-inventory market already. If you’ve been on the fence, now is the time to purchase a house and lock in a good rate.
My advice is that you contact a lender to advise you. My team and I can put you in touch with one if you need a referral. And as always, if you have any questions, feel free to call or email us. We’d love to help.